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C: The standard abbreviation for consumption expenditures by the household sector, especially when used in the study of macroeconomics. This abbreviation is most often seen in the consumption function, specified as C = a + bY, where Y stands for national income. It is also used for the aggregate expenditure equation, AE = C + I + G + (X - M), where I, G, and (X - M) represent expenditures by the other three macroeconomic sectors, business, government, and foreign.

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Lesson 7: Market Equilibrium | Unit 5: The Method Page: 20 of 22

Topic: Too Much Production <=PAGE BACK | PAGE NEXT=>

This market has a 50-cent price and a 400-tape quantity in equilibrium.
  • Note the demand price and the supply price if the quantity is 500 tapes.
  • The demand price is 40 cents. This is the value of the good produced.
  • The supply price is 60 cents. This is the value of goods not produced.
  • Producing this quantity is the same as giving up 60 cents and getting 40 cents in return.
  • 500 tapes is not an efficient use of resources

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INNOVATION

The initial application of new products, technologies, and ideas that usually generate a beneficial improvement in society and the economy. In contrast to an invention, which is the act of creation, an innovation is the implementation of a product, technology, or idea. Innovations are changes in existing institutions and the status quo, prompted by risk-taking entrepreneurs, that promote prosperity and improved living standards.

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APLS

PURPLE SMARPHIN
[What's This?]

Today, you are likely to spend a great deal of time searching for rummage sales seeking to buy either a dozen high trajectory optic orange golf balls or a large red and white striped beach towel. Be on the lookout for florescent light bulbs that hum folk songs from the sixties.
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This isn't me! What am I?

A lump of pure gold the size of a matchbox can be flattened into a sheet the size of a tennis court!
"Never confuse a single defeat with a final defeat."

-- F. Scott Fitzgerald, writer

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