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AGGREGATE MARKET: An economic model relating the price level and real production that is used to analyze business cycles, gross domestic product, unemployment, inflation, stabilization policies, and related macroeconomic phenomena. The aggregate market, inspired by the standard market model, captures the interaction between aggregate demand (the buyers) and short-run and long-run aggregate supply (the sellers).

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Lesson 23: Factor Market Equilibrium | Unit 3: Perfect Competition Page: 15 of 24

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In this unit, you should have learned about:
  • The characteristics of perfection competition for factor markets.
  • That a firm operating in a perfect competition factor market employs a resource where marginal revenue product is equal to the factor price.
  • That perfect competition achieves efficiency in a factor market much like it does in a product market.


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LABOR FORCE PARTICIPATION RATE

The proportion of the total noninstitutionalized civilian population 16 years of age and over that is in the civilian labor force. The labor force participation rate is essentially the ratio of the civilian labor force to the total noninstitutionalized civilian population 16 years of age and over. The data used to estimated the labor force participation rate is obtained along with other labor force data from the monthly Current Population Survey conducted by the Bureau of the Census for the Bureau of Labor Statistics. Labor force participation rates are also commonly calculated using data derived from the Census of the Population.

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Today, you are likely to spend a great deal of time browsing about a thrift store wanting to buy either a replacement remote control for your stereo system or a computer that can play video games and burn DVDs. Be on the lookout for broken fingernail clippers.
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General Electric is the only stock from the original 1896 Dow Jones Industrial Average remaining in the current index.
"I much prefer the sharpest criticism of a single intelligent man to the thoughtless approval of the masses."

-- Johannes Kepler, German Astronomer

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