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December 21, 2014 

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KEYNESIAN AGGREGATE SUPPLY CURVE: A modification of the standard aggregate supply curve used in the aggregate market (or AD-AD) analysis to reflect the basic assumptions of Keynesian economics. The Keynesian aggregate supply curve contains either two or three segments. The strict Keynesian aggregate supply curve contains two segments, a vertical classical range and a horizontal Keynesian range, meeting a right angle and forming a reverse L-shape. An alternative version replaces the right angle intersection with a gradual transition between the two segments that is positively sloped and termed the intermediate range. The modern aggregate supply curve is largely based on this intermediate range.

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VOLUNTARY EXCHANGE: The process of willingly trading one item for another. The emphasis here is on "willingly." Voluntary exchanges are the heart and soul of market transactions, and should be contrasted with the "involuntary" exchanges mandated by government taxes, laws, and regulations. While involuntary government-forced exchanges play an important role in a mixed economy, economists really, really like voluntary market exchanges because they promote economic efficiency.

     See also | exchange | market | price | involuntary exchange | government | taxes | regulation | government functions | mixed economy |


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VOLUNTARY EXCHANGE, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2014. [Accessed: December 21, 2014].


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MARKET CLEARING

A condition of the market in which the quantity demanded is equal to the quantity supplied, such that the market is "clear" of any shortage or surplus. Market clearing is a common, non-technical term for equilibrium. In a market graph, the market clearing is found at the intersection of the demand curve and the supply curve.

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State of the ECONOMY

U.S. National Debt
November 7, 2014
$17,927,481,147,910.94
$56,135.06 per person: U.S. Debt Clock

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Today, you are likely to spend a great deal of time at an auction looking to buy either storage boxes for your family photos or a large, stuffed giraffe. Be on the lookout for fairy dust that tastes like salt.
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Much of the $15 million used by the United States to finance the Louisiana Purchase from France was borrowed from European banks.
"The man who can drive himself further once the effort gets painful is the man who will win. "

-- Roger Bannister, runner

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