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ADVERSE SELECTION: When a negotiation between two people with different amounts of information, that is, asymmetric information, restricts the quality of the good traded. This typically happens because the person with more information is able to negotiate a favorable exchange. This is frequently referred to as the "market for lemons."
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Lesson 13: Aggregate Demand | Unit 1: The Concept
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Page: 2 of 22
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Aggregate demand and the aggregate market are all about the flow of production through the product markets of the circular flow. The circular flow is the continuous flow of production, income, and resources between households and businesses. - Businesses acquire the services of productive factors through the factor markets
- Households acquire the resulting production from businesses through the product markets
- The aggregate market combines all of the individual markets for individual goods and services into a overall, comprehensive, complete, aggregate product market.
- This is the demand side of the aggregate market.
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INJECTIONS Non-consumption expenditures on aggregate production. The three aggregate expenditures grouped under the heading of injections are investment expenditures, government purchases and exports. Injections add to the core circular flow containing consumption, production, and income. The injections-leakages model is a Keynesian economics analysis that combines injections with leakages (saving, taxes, and imports) to identify the equilibrium level of aggregate production and income.
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YELLOW CHIPPEROON
[What's This?]
Today, you are likely to spend a great deal of time at the confiscated property police auction hoping to buy either a computer that can play video games and burn DVDs or a black duffle bag with velcro closures. Be on the lookout for celebrities who speak directly to you through your television.
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Natural gas has no odor. The smell is added artificially so that leaks can be detected.
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"The greatest things ever done on Earth have been done little by little. " -- William Jennings Bryan
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SELA
Latin American Economic System
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