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INCOME-PRICE MODEL: An economic model relating the price level (the price part) and real production (the income part) that is used to analyze business cycles, aggregate production, unemployment, inflation, stabilization policies, and related macroeconomic phenomena. The income-price model, inspired by the standard market model, captures the interaction between aggregate demand (the buyers) and short-run and long-run aggregate supply (the sellers).

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Lesson 12: Business Cycles | Unit 1: Instability Page: 1 of 26

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It's a fact of life that the economy is unstable. Like a roller coaster rises and falls, the economy expands and contracts.
  • The economy goes up and down, twisting and turning along the way.
  • In general, we prefer the good that comes with a rising, expanding economy and don't like the bad that comes with a falling, contracting one.
  • The fluctuations in the economy never stop.
  • It is difficult for the economy to run full speed at all times.
  • Economic fluctuations go by the term business cycles.

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MARGINAL PHYSICAL PRODUCT

The change in the quantity of total physical product resulting from a unit change in a variable input, keeping all other inputs unchanged. Marginal physical product, usually abbreviated MPP, is found by dividing the change in total physical product by the change in the variable input. Marginal physical product, which more often goes by the name marginal product (MP), is one of two measures derived from total physical product. The other is average physical product.

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PINK FADFLY
[What's This?]

Today, you are likely to spend a great deal of time browsing about a thrift store hoping to buy either clothing for your kitty cats or a set of luggage without wheels. Be on the lookout for small children selling products door-to-door.
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The earliest known use of paper currency was about 1270 in China during the rule of Kubla Khan.
"Man is born to live, not to prepare for life. "

-- Boris Pasternak, writer

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