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DEPENDENT VARIABLE: A variable that is identified within the workings of the model. Also termed an endogenous variable, a dependent variable is in essence the "output" of the model. It should be compared with an exogenous variable this is the "input" of the model.

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Lesson 4: Production Possibilities | Unit 2: The Schedule Page: 5 of 24

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This is a simple, hypothetical production possibilities schedule for the economy.
  • The economy is using all resources with given technology to efficiently produce two goods, jogging shoes and quartz clock calibrators.
  • Bundles A through K represent production alternatives for the economy, such as bundle D with 3 calibrators and 425 pairs of shoes. We have unlimited possibilities using available resources and technology to the fullest extent.
  • All shoes, no calibrators, bundle A.
  • All calibrators, no shoes, bundle K.
  • Some of each good, bundles E or J.
  • How about 9 calibrators and 410 pairs of shoes? No! Each bundle is the maximum we can produce.

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GOOD

A physical, tangible item or product used to satisfy wants and needs. A good is produced using society's resources and represents a fundamental aspect of the economy. Limited resources are used to produced the goods that satisfy unlimited wants and needs in an ongoing effort to address the problem of scarcity.

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APLS

BROWN PRAGMATOX
[What's This?]

Today, you are likely to spend a great deal of time flipping through mail order catalogs looking to buy either a rechargeable battery for your camera or a coffee cup commemorating the first day of spring. Be on the lookout for rusty deck screws.
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This isn't me! What am I?

The standard "debt" notation I.O.U. does not mean "I owe you," but actually stands for "I owe unto..."
"The time to repair the roof is when the sun is shining."

-- John F. Kennedy, 35th U. S. president

JFE
Journal of Financial Economics
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