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LIMITED LIABILITY: A condition in which owners are not personally held responsible for the debts of by a firm. Corporations are the main form of business in which owners have limited liability. The primary benefit of limited liability is that it makes it possible for a business to accumulate large amounts of productive resources that lets it take advantage of large scale production.

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Lesson 11: Circular Flow | Unit 4: Foreign Page: 17 of 22

Topic: Exports and Imports <=PAGE BACK | PAGE NEXT=>

  • Exports are goods and services produced by the domestic economy and purchased by the foreign sector.
  • Imports are goods and services produced by the foreign sector and purchased by the domestic economy.
  • Exports are the green flow coming from the foreign sector and joining GDP before reaching the business sector.
  • Imports are the green flow leaving the consumption, investment, government purchases stream and going to the foreign sector.
  • Note that the physical flow of production (exports and imports) moves in opposite direction as the green payment flows.

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MARGINAL REVENUE PRODUCT CURVE

A curve that graphically illustrates the relation between marginal revenue product and the quantity of the variable input, holding all other inputs fixed. This curve indicates the incremental change in total revenue for incremental changes in the variable input. The marginal revenue product curve plays a key role in marginal productivity theory and the economic analysis of factor markets.

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APLS

BROWN PRAGMATOX
[What's This?]

Today, you are likely to spend a great deal of time visiting every yard sale in a 30-mile radius looking to buy either a T-shirt commemorating the 2000 Olympics or a genuine fake plastic Tiffany lamp. Be on the lookout for empty parking spaces that appear to be near the entrance to a store.
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Much of the $15 million used by the United States to finance the Louisiana Purchase from France was borrowed from European banks.
"Man is born to live, not to prepare for life. "

-- Boris Pasternak, writer

ALAC
Latin American Free Trade Area
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