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NEAR-PUBLIC GOOD: A good that's easy to keep nonpayers from consuming, but use of the good by one person doesn't prevent use by others. The trick with a near-public good is that it's easy to keep people away, and thus you can charge them a price for consuming, but there's no real good reason to do so. From an efficiency view, the more people who consume a near-public good, the better off society. This mixture of nearly unlimited benefits and the ability to charge a price means that some near-public goods are sold through markets and others are provided by government. For efficiency's sake, none should be sold through markets.

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Lesson 9: Macro Basics | Unit 2: Macro Problems Page: 5 of 16

Topic: Unemployment <=PAGE BACK | PAGE NEXT=>

Unemployment exists when resources, specially labor, are willing and able to produce goods but are not employed because no one is buying production.
  • Voluntary unemployment occurs when people choose not to work.
  • Involuntary unemployment occurs when people are willing to work, but can't find employment.
Unemployment problems:
  • The economy suffers because unemployed resources are not producing goods to lessen the scarcity problem.
  • The unemployed suffer personal hardships and a lower living standard.
Production lost from unemployed resources can never be recouped.

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LAW OF SUPPLY

The direct relationship between supply price and the quantity supplied, assuming ceteris paribus factors are held constant. This economic principle indicates that an increase in the price of a commodity results in an increase in the quantity of the commodity that sellers are willing and able to sell in a given period of time, if other factors are held constant. The law of supply is an important principle in the study of economics.

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WHITE GULLIBON
[What's This?]

Today, you are likely to spend a great deal of time at a garage sale seeking to buy either decorative garden figurines or a wall poster commemorating last Friday (you know why). Be on the lookout for strangers with large satchels of used undergarments.
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The first paper notes printed in the United States were in denominations of 1 cent, 5 cents, 25 cents, and 50 cents.
"When you play, play hard; when you work, don't play at all. "

-- Theodore Roosevelt, 26th US president

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Business Cycle Development
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