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APC: The abbreviation for average propensity to consume, which is the proportion of income, usually measured as disposable income or national income, used for household consumption expenditures. It is found by dividing consumption by income. The average propensity to consume, abbreviated APC, most often pops up in discussions of Keynesian economics. The average propensity to consume is the average amount of total household income that is devoted consumption expenditures.
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Lesson 1: Economic Basics | Unit 3: The Economy
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Page: 9 of 18
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Topic:
A Mixed Economy: The Mix
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A pure market economy and a pure command economy are two theoretical extremes in the allocation of resources. - Real world economies form a continuum bounded by these two extremes. They are mixed economies:
- A mixed economy is one that relies on both markets and government to allocate resources.
- Market-oriented economies, also called capitalism, are mixed economies that lean heavily to the market end.
- Socialism and communism are mixed economies that lean more (a lot more) toward government control.
The mixed U.S. economy leans heavily to the market end of the market-government continuum.
Three indicators of government involvement:- Taxes: Government controls about 1/3 of the revenue generated in the economy each year.
- Spending: Government buys 20% of the goods produced each year.
- Regulations: Government influences many allocation decisions through laws, rules, and other restrictions.
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ECONOMIC GOALS Five conditions of the mixed economy, including full employment, stability, economic growth, efficiency, and equity, that are generally desired by society and pursued by governments through economic policies. The five goals are typically divided into the three that are most important for macroeconomics (the macroeconomic goals of full employment, stability and economic growth) and the two that are most important for microeconomics (the microeconomic goals of efficiency and equity).
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RED AGGRESSERINE
[What's This?]
Today, you are likely to spend a great deal of time searching the newspaper want ads trying to buy either arch supports for your shoes or an AC adapter that works with your MPG player. Be on the lookout for vindictive digital clocks with revenge on their minds.
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A half gallon milk jug holds about $50 in pennies.
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"Courage is the ladder on which all the other virtues mount." -- Claire Boothe Luce, diplomat, writer
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FAC
Federal Advisory Council
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