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December 6, 2022 

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G: The standard abbreviation for government purchases by the governement sector, especially when used in the study of macroeconomics. This abbreviation is most often seen in the aggregate expenditure equation, AE = C + I + G + (X - M), where C, I, and (X - M) represent expenditures by the other three macroeconomic sectors, household, business, and foreign.

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Lesson Contents
Unit 1: Short-Run Production
  • Making Stuff
  • Two Inputs: Fixed and Variable
  • Two Runs: Short and Long
  • Two More Runs
  • Unit 1 Summary
  • Unit 2: Production Measures
  • Total Product
  • Average Product
  • Marginal Product
  • THE Law
  • Unit 2 Summary
  • Unit 3: Product Curves
  • Total Product Curve
  • Average Product Curve
  • Marginal Product Curve
  • THE Law Again
  • Production Stages
  • Unit 3 Summary
  • Unit 4: Long-Run Production
  • Making Plans
  • Returns To Scale
  • Increasing Returns To Scale
  • Decreasing Returns To Scale
  • Constant Returns To Scale
  • Unit 4 Summary
  • Unit 5: Supply
  • A Review
  • A Preview
  • Unit 5 Summary
  • Course Home
    Production

    • The first unit of this lesson, Short-Run Production, begins our study by introducing a few basic concepts underlying production, especially short run, long run, fixed input, and variable input.
    • In the second unit, Production Measures, we take a look the three standard measures of production -- total product, average product, and marginal product.
    • The third unit, Product Curves, then presents graphical relations for these three measures -- total product curve, average product curve, and marginal product curve.
    • In the fourth unit, Long-Run Production, we examine the role returns to scale play in long-run production.
    • The fifth and final unit, Supply, then closes this lesson by previewing the importance of production to the supply decisions by firms.s

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    L

    A broad monetary measure that combines M3 plus several liquid assets, including commercial paper, U.S. Treasury bills, savings bonds, and bankers' acceptances. L used to be tracked and reported by the Federal Reserve System along with M1, M2, and M3. However, L is no longer reported.

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    APLS

    YELLOW CHIPPEROON
    [What's This?]

    Today, you are likely to spend a great deal of time searching for a specialty store looking to buy either a wall poster commemorating last Friday (you know why) or a country wreathe. Be on the lookout for telephone calls from long-lost relatives.
    Your Complete Scope

    This isn't me! What am I?

    Parker Brothers, the folks who produce the Monopoly board game, prints more Monopoly money each year than real currency printed by the U.S. government.
    "Every man must decide whether he will walk in the light of creative altruism or in the darkness of destructive selfishness."

    -- Martin Luther King, Jr., clergyman

    WLLN
    Weak Law of Large Numbers
    A PEDestrian's Guide
    Xtra Credit
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