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INFRASTRUCTURE: Capital used for transportation, communication, and energy delivery. This is often termed social overhead capital because it provides the basic capital foundation needed by an economy before business capital can adequately do its job.
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Lesson 8: Market Shocks | Unit 3: Single Shifts
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Page: 10 of 20
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The six steps for an increase in supply:- A determinant changes. The price of ice cream, a key resource input for hot fudge sundaes, declines.
- A curve to shifts. The supply curve for hot fudge sundaes shifts rightward.
- A shortage or a surplus occurs. The increase in supply causes a surplus of hot fudge sundaes.
- The price changes. The price of hot fudge sundaes goes down.
- The quantities demanded and supplied change. The quantity supplied for hot fudge sundaes decreases while their quantity demand is increased.
- The market imbalance is eliminated and equilibrium is restored. The surplus of hot fudge sundaes is eliminated. The price is lower and the quantity exchanged is more.
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INTERCEPT, GOVERNMENT PURCHASES LINE The intercept of the government purchases line indicates autonomous government purchases, government purchases that do not depend on the level of income or production. This can be thought of as government purchases that the government sector undertakes regardless of the state of the economy. Autonomous government purchases are affected by the government purchases determinants, which cause a change in the intercept and a shift of the government purchases line.
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RED AGGRESSERINE
[What's This?]
Today, you are likely to spend a great deal of time at a flea market trying to buy either a 200-foot blue garden hose or a video camera with stop action features. Be on the lookout for letters from the Internal Revenue Service.
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This isn't me! What am I?
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A U.S. dime has 118 groves around its edge, one fewer than a U.S. quarter.
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"When you play, play hard; when you work, don't play at all. " -- Theodore Roosevelt, 26th US president
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VES
Variable Elasticity of Substitution
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