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CHANGE IN BUSINESS INVENTORIES: The increase or decrease in the stocks of final goods, intermediate goods, raw materials, and other inputs that businesses keep on hand to use in production. This is one of two main categories of gross private domestic investment included in the National Income and Product Accounts maintained by the Bureau of Economic Analysis. The other category is fixed investment. Change in business inventories is NOT what most people think of when the topic of business investment arises. Inventory changes are considered investment because firms need inventories to smooth the flow of production and sales just like they need factories and equipment to produce goods. In fact, inventories are frequently termed "working capital."

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Lesson 14: Production | Unit 2: Production Measures Page: 10 of 25

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In this unit, you should have learned about:
  • Total product as the total quantity of output produced for different amounts of variable input.
  • How total product increases as the quantity of variable inputs are added, reaches a peak, and then declines.
  • Average product as the output produced per unit of variable input.
  • How average product increases for the first few units of variable inputs, reaches a peak, and then declines.
  • Marginal product as the change in total product resulting from a change in variable input.
  • How Marginal product increases for the first few units of variable inputs, reaches a peak, and then declines.
  • The law of diminishing marginal returns as the guiding principle for short-run production.


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BALANCE OF PAYMENTS

A comprehensive set of accounts that tracks the flow of currency and other monetary assets coming in to and going out of a nation. These payments are used for international trade, foreign investments, and other financial activities. The balance of payments is divided into two accounts -- current account (which includes payments for imports, exports, services, and transfers) and capital account (which includes payments for physical and financial assets). A deficit in one account is matched by a surplus in the other account. The balance of trade is only one part of the overall balance of payments set of accounts.

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ORANGE REBELOON
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Today, you are likely to spend a great deal of time going from convenience store to convenience store seeking to buy either several magazines on fashion design or a package of 3 by 5 index cards, the ones without lines. Be on the lookout for crowded shopping malls.
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The Dow Jones family of stock market price indexes began with a simple average of 11 stock prices in 1884.
"All things are difficult before they are easy."

-- Thomas Fuller, Physician

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Latin American Economic System
A PEDestrian's Guide
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