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LEGAL CLAIM: Ownership of the physical goods, services, and resources that make up the real side of the economy. Legal claims are a key feature of the paper, or financial side of the economy. Transferring legal claims is the primary method of diverting income from household saving to investment and government borrowing. Legal-claim buyers loan income and legal-claim sellers borrower income.

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Lesson 11: Elasticity Basics | Unit 2: A Little More Page: 9 of 25

Topic: Why Study: Price Controls <=PAGE BACK | PAGE NEXT=>

  • Price controls take one of two forms -- price ceiling and price floor:

  • A price ceiling is a legally mandated maximum price imposed on a market. Buyers and sellers are prevented from exchanging the good at any price above the legal maximum.
  • A price floor is a legally mandated minimum price imposed on a market. Buyers and sellers are prevented from exchanging the good at any price below the legal minimum.
  • Both types of price controls tend to be more effective for inelastic demand and supply

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FALLACY OF FALSE AUTHORITY

The logical fallacy of arguing that something is "correct" or "true" because an "expert" in an unrelated area says so. This is commonly used by both advertisers, politicians, and anyone who relies an "apparent expert" for the "correct" answers to controversial issues.

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APLS

YELLOW CHIPPEROON
[What's This?]

Today, you are likely to spend a great deal of time at a going out of business sale trying to buy either a small palm tree that will fit on your coffee table or several magazines on fashion design. Be on the lookout for spoiled cheese hiding under your bed hatching conspiracies against humanity.
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This isn't me! What am I?

The wealthy industrialist, Andrew Carnegie, was once removed from a London tram because he lacked the money needed for the fare.
"It is not fair to ask of others what you are unwilling to do yourself. "

-- Eleanor Roosevelt, diplomat, activist

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