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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 10: Utility and Demand | Unit 2: A Simple Choice
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Page: 5 of 21
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- The question of the day is: How much, if any, time should I spend at the beach?
- No Constraints
- If the price of beach frolicking is zero or if have nothing better to do with my time and more than enough income to buy all of the beach frolicking that I want, the choice is relatively simple.
- I achieve utility maximization by spending the number of hours at the beach that generates the highest level of utility. That number is 6 or 7 hours and the total utility generated is 42 utils.
- Spending any more or less time generates less total utility.
- Even though I can afford to spend all day at the beach (8 hours), I won't. The total utility of 8 hours is less than that for 6 or 7 hours.
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INCOME EARNED BUT NOT RECEIVED The three types of income earned but not received (IEBNR) by the factors of production are Social Security taxes, corporate profits taxes, and undistributed corporate profits. IEBNR is subtracted from national income to calculate personal income.
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BLUE PLACIDOLA
[What's This?]
Today, you are likely to spend a great deal of time waiting for visits from door-to-door solicitors trying to buy either a wall poster commemorating last Friday (you know why) or a country wreathe. Be on the lookout for strangers with large satchels of used undergarments.
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In the Middle Ages, pepper was used for bartering, and it was often more valuable and stable in value than gold.
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"A stumble may prevent a fall. " -- Margaret Thatcher, British prime minister
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X-M
Net Exports
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