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EUROPEAN CURRENCY UNIT: The forerunner of the euro that will be officially introduced in the European Union in 2002. Commonly referred to as the ECU, the European Currency Unit is the weighted average of the currencies of the twelve original nations of the European Union. In that there are is no paper currency yet, it is currently used primarily for big-time commercial, financial, and international transactions.
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Lesson 4: Production Possibilities | Unit 3: The Curve
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Page: 10 of 24
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Topic:
Connecting Points
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Like a constellation in the sky, we will find it convenient to outline an 'image' by connecting the individual points.- Connecting our 11 points lets us include other options. These are only 11 of many possibilities.
- The curve we get is the production possibilities curve. It's also termed the production possibilities frontier for reasons that will become clear as we continue this lesson.
- Note that the curve is flat at the top and steep at the bottom.
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INFLATIONARY GAP, KEYNESIAN MODEL The difference between equilibrium aggregate production achieved in the Keynesian model and full-employment aggregate production that occurs when equilibrium aggregate production is greater than full-employment aggregate production. An inflationary gap, also termed an expansionary gap, is associated with a business-cycle expansion. The prescribed Keynesian remedy for an inflationary gap is contractionary fiscal policy. This is one of two alternative output gaps that can occur when equilibrium generates production that differs from full employment. The other is a recessionary gap.
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RED AGGRESSERINE
[What's This?]
Today, you are likely to spend a great deal of time flipping through mail order catalogs wanting to buy either an instructional DVD on learning to the play the oboe or a small, foam rubber football. Be on the lookout for rusty deck screws.
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This isn't me! What am I?
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There were no banks in colonial America before the U.S. Revolutionary War. Anyone seeking a loan did so from another individual.
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"Intense concentration hour after hour can bring out resources in people they didn't know they had. " -- Edwin Land, inventor, entrepreneur
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RBC
Real Business Cycle
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