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NET EXPORTS OF GOODS AND SERVICES: The official item in the National Income and Product Accounts maintained by the Bureau of Economic Analysis measuring net exports by the foreign sector. Net exports of goods and services is the smallest of the four expenditures, averaging around 2% of gross domestic product. Unlike the other expenditures, net exports of goods and services can be either positive or negative. They are positive when exports are greater than imports and negative when exports are less than imports. In recent years, net exports of goods and services have been negative.
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Lesson 20: Oligopoly | Unit 5: Evaluation
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Page: 23 of 24
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Topic:
Government Intervention?
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- A couple of important questions regarding Government Intervention:
- Do the bads of oligopoly outweigh the goods?
- If so, can government make it better?
- A major obstacle to answering these questions is that the evidence is seldom clear-cut.
- While concentration creates the opportunity for greater inefficiency, it's no guarantee.
- Should government intervention be pursued, it generally comes in one of three ways:
- Antitrust Laws
- Price Regulation
- Public Ownership
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ACCOUNTING COST An actual outlay or expenses incurred in the production of a good that shows up in a firm's accounting statements and records. Accounting cost is an explicit payment (that is, money changing hands) incurred by a firm. Accounting cost, while very important to accountants, company CEOs, shareholders, and the Internal Revenue Service, is only minimally important to economists. The reason is that economists are more interested in economic cost (also called opportunity cost), which is the value of foregone production.
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In the Middle Ages, pepper was used for bartering, and it was often more valuable and stable in value than gold.
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"The mediocre teacher tells. The good teacher explains. The superior teacher demonstrates. The great teacher inspires." -- William Ward ‚ Texas Wesleyan University Administrator
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WPO Weakly Pareto Optimal
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