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REAL PURCHASING POWER: The ability to acquire wants-and-needs satisfying goods and services with income or money. The real purchasing power of income or money depends on the prices of the goods and services. If the price level, for example, doubles, then a given amount of money can purchase half as many goods and services.
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Lesson 13: The Firm | Unit 5: The Bigger Picture
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Page: 24 of 24
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In this unit, you should have learned about:- The four market structures -- perfect competition, monopoly, monopolistic competition, and oligopoly.
- How market control differs for each of the four market structures.
- The business sector as the combination of all business firms in the economy.
- How the business sector interacts with the other three aggregate sectors -- household, government, and foreign -- through the circular flow.
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WHAT? The allocation question that determines the types and quantities of goods and services produced with society's limited resources. What goods and services are produced with society's limited resources? This is one of three basic questions of allocation. The other two are How? and For Whom?
Complete Entry | Visit the WEB*pedia |
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BEIGE MUNDORTLE
[What's This?]
Today, you are likely to spend a great deal of time browsing about a thrift store looking to buy either a solid oak entertainment center or a remote controlled ceiling fan. Be on the lookout for the happiest person in the room.
Your Complete Scope
This isn't me! What am I?
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Al Capone's business card said he was a used furniture dealer.
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"The time to repair the roof is when the sun is shining." -- John F. Kennedy, 35th U. S. president
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DIDMCA
Depository Institutions Deregulation and Monetary Control Act
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