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C CORPORATION: The term used for a standard corporation to distinguish it from the new S corporation. As such, it is established as a separate legal entity, sells ownership shares, and owners have limited liability. The difference is that a C corporation is subject to double taxation but an S corporation is not.

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Lesson 11: Circular Flow | Unit 1: Basic Flow Page: 2 of 22

Topic: Four Sectors <=PAGE BACK | PAGE NEXT=>

The four basic macroeconomics sectors:
  • Household sector: This includes everyone, all people, seeking to satisfy unlimited wants and needs. This sector is responsible for consumption.
  • Business sector: This includes those undertaking the task of combining resources to produce goods and services. This sector is responsible for the production.
  • Government sector: This includes the ruling bodies of the federal, state, and local governments. Regulation is the prime function, especially to pass laws, collect taxes, and force other economic sectors to do things that they wouldn't do voluntary.
  • Foreign sector: Includes everyone and everything beyond the boundaries of the domestic economy.

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INCOME EFFECT

The change in quantity demanded that results because a change in the demand price of a good affects real income (that is, the purchasing power of income) even though nominal income remains the same. This is one of two reasons, or effects, underlying the law of demand and the negative slope of the market demand curve. The other is the substitution effect.

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Today, you are likely to spend a great deal of time watching the shopping channel trying to buy either a lighted magnifying glass or a small, foam rubber football. Be on the lookout for gnomes hiding in cypress trees.
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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.
"Always vote for principle, though you may vote alone, and you may cherish the sweetest reflection that your vote is never lost. "

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