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BANK PANIC OF 1907: A relatively serious economic downturn, that is business-cycle contraction, in 1907 that was caused by serious, big-time, instability in the banking system. This major bank panic was so severe (the term depression is more applicable than recession) that it prompted Congress to establish the Federal Reserve System, which came into existence in 1913. See fractional-reserve banking.

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Lesson 13: Aggregate Demand | Unit 3: The Curve Page: 14 of 22

Topic: Net-Export Effect <=PAGE BACK | PAGE NEXT=>

An increase in the price level decreases exports and increases imports, which gives us a decrease in net exports.
  • If the price level increases in one country, the production of other countries becomes relatively cheaper.
For example:
  • An increase in the U.S. price level discourages foreign buyers from buying U.S. goods, and encourages U.S. buyers to buy relatively cheaper foreign goods.
The net-export effect is that a change in the price level, changes the relative prices of exports and imports, and changes net exports in the opposite way.

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INFLATION PROBLEMS

Two notable problems are associated with inflation--uncertainty and haphazard redistribution. Inflation, especially inflation that varies from month to month and year to year, makes long-term planning quite difficult. Prices, wages, taxes, interest rates, and other nominal values that enter into consumer, business, and government planning decisions can be significantly affected by inflation. Moreover, inflation tends to redistribute income and wealth in a haphazard manner--some people win and some people lose. This redistribution might not be that desired by society, failing to promote any of the basic economic goals of efficiency, equity, stability, growth, or full-employment.

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APLS

WHITE GULLIBON
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Today, you are likely to spend a great deal of time looking for the new strip mall out on the highway hoping to buy either a large, stuffed kitty cat or a cross-cut paper shredder. Be on the lookout for empty parking spaces that appear to be near the entrance to a store.
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The first U.S. fire insurance company was established by Benjamin Franklin in 1752 in Philadelphia.
"Man is born to live, not to prepare for life. "

-- Boris Pasternak, writer

CIFCI
Cost, Insurance, Freight, Commission and Interest
A PEDestrian's Guide
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