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GOVERNMENT EXPENDITURES: Spending by the government sector including both the purchase of final goods and services, or gross domestic product, and transfer payments. Government expenditures are used by the government sector to undertake key functions, such as national defense and education. These expenditures are financed with a combination of taxes and borrowing.
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Lesson 14: Production | Unit 4: Long-Run Production
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Page: 19 of 25
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Topic:
Increasing Returns To Scale
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- Increasing returns to scale:
- Increasing returns to scale result when a given proportional increase in all inputs results in a greater than proportional increase in production.
- Three primary reasons why long-run production experiences increasing returns to scale:
- Resource Specialization
- Support Activities
- Volume and Area
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REDUNDANT INFORMATION Information received by the five senses (sight, sound, taste, touch, and smell) that is old, familiar, and usual. Because redundant information is not presumed to be threatening it can be largely ignored by the automatic response that is commonly termed the "fight or flight" reaction. The alternative is novel information, which is unfamiliar and potentially threatening.
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ORANGE REBELOON
[What's This?]
Today, you are likely to spend a great deal of time surfing the Internet trying to buy either a computer that can play video games and burn DVDs or a black duffle bag with velcro closures. Be on the lookout for rusty deck screws.
Your Complete Scope
This isn't me! What am I?
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The wealthy industrialist, Andrew Carnegie, was once removed from a London tram because he lacked the money needed for the fare.
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"Sometimes when you innovate, you make mistakes. It is best to admit them quickly and get on with improving your other innovations. " -- Steve Jobs, Apple Computer founder
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S&D
Supply and Demand
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