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HARROD-DOMAR MODEL: A model economic growth developed by R. F. Harrod and E. D. Domar that seeks to explain why an economy would not grow as fast has its potential growth rate. This model is based on the notion that actual income determines the amount saving, which is determines investment, which is what affects the rate of economic growth. If saving is not enough, the potential growth rate will not be achieved. The Harrod-Domar model, developed in the 1930s, has a strong Keynesian economic flavor, both indicating that the economy does not automatically achieve its potential.

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Lesson 16: Perfect Competition | Unit 2: Short-Run Output Page: 11 of 28

Topic: Unit Review <=PAGE BACK | PAGE NEXT=>

In this unit, you should have learned about:
  • The revenue side of a perfectly competitive firm that contains three key measures -- total revenue, average revenue, and marginal revenue.
  • How average revenue and marginal revenue are derived from total revenue.
  • Why P = AR = MR for a perfectly competitive firm that is a price taker.
  • The cost side of a perfectly competitive firm, which like any firm, is governed by the law of diminishing marginal returns in the short run.
  • How the short-run output decision by a perfectly competitive firm can be analyzed by calculating profit as the difference between total revenue and total cost.
  • That a perfectly competitive firm selects the quantity of output that maximizes profit.
  • How the short-run output decision by a perfectly competitive firm can be identified by equating marginal revenue and marginal cost.


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BANK PANIC

An economy-wide problem in the financial sector and the banking industry that triggers an economy-wide business-cycle contraction or even depression. Bank panics were common throughout the 1800s and early 1900s, during which time they where the primary cause of business-cycle downturns. Bank panics usually involved bank runs that spread from bank to bank throughout the economy.

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APLS

PINK FADFLY
[What's This?]

Today, you are likely to spend a great deal of time searching the newspaper want ads trying to buy either a New York Yankees baseball cap or several magazines on home repairs. Be on the lookout for celebrities who speak directly to you through your television.
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This isn't me! What am I?

Natural gas has no odor. The smell is added artificially so that leaks can be detected.
"And while the law of competition may be sometimes hard for the individual, it is best for the race, because it ensures the survival of the fittest in every department. "

-- Andrew Carnegie, entrepreneur

LTFV
Less Than Fair Value
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