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PATENT: The guaranteed ownership and control of an invention, innovation, or production technique by government for a period of time (currently 17 years). A patent gives the owner the exclusive rights to sell, market, license, or otherwise generate revenue from an invention, innovation, or production technique. Patents are designed to encourage inventions and other developments that promote technological advances. However, they are also an entry barrier and lead to market control.

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Lesson 7: Market | Unit 1: The Exchange Page: 5 of 22

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  • The concept of markets as voluntary trades among buyers and sellers that is used to address the scarcity problem.
  • Four key points about markets:
    • They combine demand and supply.
    • They trade goods, services, and resources.
    • They are voluntary.
    • They are analyzed over a give time period.
  • Examples of different markets, ranging from a formal, organized stock market to a less formal, less organized rummage sale.
  • The nature of market equilibrium as a balance of the forces of demand and supply.
  • How market equilibrium is indicated by the equilibrium quantity and equilibrium price.
  • The importance of competition to the efficient operation of markets and how the number of participants determines competition among buyers and sellers.


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FINANCIAL MARKETS

Markets that exchange financial instruments, or the legal claims to the ownership of physical assets. All four sectors--household, business, government, and foreign operate on both the demand and supply sides of financial markets. The household sector is generally a net buyer of legal claims as it saves a portion of income. The business and government sector tend to be net sellers as they borrow the funds used to pay for expenditures. The study of macroeconomics is concerned with how the flow of income through financial markets affects short-run business-cycle instability and long-run economic growth. The financial markets are one of three primary sets of macroeconomic markets. The other two are product markets and resource markets.

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APLS

PURPLE SMARPHIN
[What's This?]

Today, you are likely to spend a great deal of time browsing through a long list of dot com websites hoping to buy either hand lotion, a big bottle of hand lotion or a lighted magnifying glass. Be on the lookout for broken fingernail clippers.
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The wealthy industrialist, Andrew Carnegie, was once removed from a London tram because he lacked the money needed for the fare.
"Good judgment comes from experience, and often experience comes from bad judgment."

-- Rita Mae Brown ‚ Writer

PSBR
Public Sector Borrowing Requirement
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