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RISK: The possibility of gain or loss. Risk the calculated probability of different events happening, is usually contrasted with uncertainty the possibility that any number of things could happen. For example, uncertainty is the possibility that you could win or lose $100 on the flip of a coin. You don't know which will happen, it could go either way. Risk, in contrast, is the 50 percent chance of winning $100 and the 50 percent chance of losing $100 on the flip of the coin. You know (or think you know) that your probability of winning or losing is 50 percent because the coin has a 50 percent chance of coming up either heads or tails.

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Lesson 11: Circular Flow | Unit 3: Government Page: 11 of 22

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The government sector plays a key role in the economy and the circular flow with government spending, especially for the purchase of GDP, and taxes.
  • Government purchases include: national defense, roads, educational system, post offices, fire and police protection, parks, sewage treatment plants, and more.
  • Taxes are used to divert household sector income to the government sector to pay for these purchases.
  • The diversion of income into taxes used to purchase government production shows up in the circular flow model.

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MARGINAL REVENUE, MONOPOLY

The change in total revenue resulting from a change in the quantity of output sold. Marginal revenue indicates how much extra revenue a monopoly receives for selling an extra unit of output. It is found by dividing the change in total revenue by the change in the quantity of output. Marginal revenue is the slope of the total revenue curve and is one of two revenue concepts derived from total revenue. The other is average revenue. To maximize profit, a monopoly equates marginal revenue and marginal cost.

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BROWN PRAGMATOX
[What's This?]

Today, you are likely to spend a great deal of time flipping through mail order catalogs seeking to buy either any book written by Isaac Asimov or a how-to book on building remote controlled airplanes. Be on the lookout for telephone calls from former employers.
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This isn't me! What am I?

Al Capone's business card said he was a used furniture dealer.
"Always vote for principle, though you may vote alone, and you may cherish the sweetest reflection that your vote is never lost. "

-- John Quincy Adams, 6th US president

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