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January 22, 2018 

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HOUSING STARTS: The number of residential buildings (single-family and multi-family) construction units begun during a given time period (usually one month) based on the number of building permits issued. Housing starts are sensitive to interest rate changes and reflect the household sectors willingness to invest in new construction. It is a key indicator of business-cycle activity. More specifically, it is one of the 12 leading economic indicators tracked by the Bureau of Economic Analysis.

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X-INEFFICIENCY: Cost that is higher than it needs to be because a firm is operating inefficiently. This is most often seen for firms that have a great deal of market control, especially monopoly. The lack of competition allows a business to pad it's expenses, hire unneeded employees (like relatives), goof off instead of working, and all sorts of other things that lessen production and increase cost. The business is not penalized for these actions, because market control allows the company to extract whatever price is needed to cover cost.

     See also | economic rent | profit | opportunity cost | efficiency | market control | monopoly | natural monopoly | average-cost pricing | public utility |


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INCOME EFFECT

The change in quantity demanded that results because a change in the demand price of a good affects real income (that is, the purchasing power of income) even though nominal income remains the same. This is one of two reasons, or effects, underlying the law of demand and the negative slope of the market demand curve. The other is the substitution effect.

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Today, you are likely to spend a great deal of time at a crowded estate auction wanting to buy either a flower arrangement with daisies and carnations for your uncle or a coffee cup commemorating next Thursday. Be on the lookout for high interest rates.
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One of the largest markets for gold in the United States is the manufacturing of class rings.
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