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MACRO GOALS: The three goals of a mixed economy that are most relevant to the study of macroeconomics are full employment, stability, and economic growth. Full employment is the condition in which all of the economy's available resources are engaged in the production of goods and services. Stability is the condition in which the economy avoids large changes in production, employment, and especially prices. Economic growth is the condition in which the economy's production possibilities are expanding over time.
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Lesson 10: Utility and Demand | Unit 5: Beyond Demand
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Page: 18 of 21
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- As consumers we are concerned with all sorts of decisions.
- Consumer demand theory, utility, and the law of diminishing marginal utility play a key part in these decisions.
- Consumer demand theory also helps explain why you might...
- Watch Gilligan's Island rather than Star Trek.
- Watch Gilligan's Island rather than reading a book.
- Hang out with friends watching Gilligan's Island the night before an exam rather than studying.
- Vote in major Presidential elections but not in local referendums.
- Steal hundreds of dollars of office supplies from your work over a period of years.
- Stop on a highway to help a complete stranger fix a flat tire.
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CONGRESSIONAL BUDGET OFFICE A nonpartisan governmental support agency that provides Congress with analyses needed for economic and budget decisions and with the information and estimates required for the Congressional budget process. The Congressional Budget Office was created by the Congressional Budget and Impoundment Control Act of 1974. It began operating on February 24, 1975. The Congressional Budget Office is composed primarily of economists and public policy analysts. About 70 percent of its professional staff hold advanced degrees in either economics or public policy.
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GREEN LOGIGUIN
[What's This?]
Today, you are likely to spend a great deal of time going from convenience store to convenience store trying to buy either a remote controlled World War I bi-plane or a wall poster commemorating Thor Heyerdahl's Pacific crossing aboard the Kon-Tiki. Be on the lookout for telephone calls from former employers.
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This isn't me! What am I?
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On a typical day, the United States Mint produces over $1 million worth of dimes.
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"My philosophy of life is that if we make up our mind what we are going to make of our lives, then work hard toward that goal, we never lose - somehow we win out." -- President Ronald Reagan
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PSBR
Public Sector Debt Repayment
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