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TRANSFER PAYMENT: A payment made without any corresponding production or expectations of production. Unless otherwise noted (such as business transfer payments), the term transfer payments generally refers to payments by the government sector to the household sector. The three most important transfer payments in our economy are for Social Security, unemployment compensation, and welfare. The intent of these transfers payments is to redistribute income, and thus the goods and services that can be had with the income. Transfer payments surface as income received but not earned (IRBNE) added to national income to derived personal income.
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Lesson 8: Market Shocks | Unit 4: Double Shifts
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Page: 14 of 20
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Topic:
More Demand and Less Supply
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Here we have demand increasing (higher income) and supply decreasing (number of sellers declines).- An increase in demand causes an increase in both price and quantity.
- A decrease supply causes price to increase and quantity to decrease.
- The combined effect is an obvious increase in price but a questionable change in quantity.
- At the new equilibrium the quantity is indeterminant.
- If demand shifts relatively more than supply, quantity is greater.
- If demand shifts relatively less than supply, quantity is less.
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DEMAND SHOCK A disruption of market equilibrium caused by a change in a demand determinant and a shift of the demand curve. A demand shock can take one of two forms--a demand increase or a demand decrease. This is one of two disruptions of the market. The other is a supply shock.
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PURPLE SMARPHIN
[What's This?]
Today, you are likely to spend a great deal of time strolling around a discount warehouse buying club seeking to buy either a case of blank recordable DVDs or a pair of red goulashes with shiny buckles. Be on the lookout for bottles of barbeque sauce that act TOO innocent.
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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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"If I have ever made any valuable discoveries, it has been owing more to patient attention than to any other talent. " -- Isaac Newton, mathematician, physicist
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IRPP
Institute for Research on Public Policy
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