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DEMAND AND SUPPLY DECREASE: A simultaneous decrease in the willingness and ability of buyers to purchase a good at the existing price, illustrated by a leftward shift of the demand curve, and a decrease in the willingness and ability of sellers to sell a good at the existing price, illustrated by a leftward shift of the supply curve. When combined, both shifts result in a decrease in equilibrium quantity and an indeterminant change in equilibrium price.

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FOREIGN TRADE

The exchange of goods and services between the domestic sector of a given nation and its foreign sector (that is, other nations of the world). Also termed international trade when viewed from the perspective of the global economy, this exchange of production is comparable to any exchange, except that buyers and sellers are from different countries. Key insight from the study of foreign trade includes the law of comparative advantage and trade protection policies.

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Today, you are likely to spend a great deal of time at a flea market seeking to buy either a country wreathe or galvanized steel storage shelves. Be on the lookout for telephone calls from long-lost relatives.
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Two and a half gallons of oil are needed to produce one automobile tire.
"A man is not finished when he is defeated. He is finished when he quits. "

-- President Richard Nixon

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Weak Axiom of Profit Maximization
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