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GOVERNMENT SUBSIDIES: Transfer payments from the government sector to the business sector that do not involve current production. This is one component of the official entry government subsidies less current surplus of government enterprises found in the National Income and Product Accounts maintained by the Bureau of Economic Analysis that separates national income (the resource cost of production) and gross/net domestic product (the market value of production).

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Lesson 9: Consumer Demand | Unit 3: Marginal Utility Page: 14 of 22

Topic: Diamond-Water Paradox <=PAGE BACK | PAGE NEXT=>

  • The diamond-water paradox is the perplexing observation that water, which is more useful that diamonds, has a lower price than diamonds. If price is related to utility, it seems that water would have a higher price than diamonds, not lower.

  • This paradox actual serves to illustrate the difference between total utility and marginal utility.
  • The most important implication from the diamond-water paradox is that price is related to marginal utility not total utility.

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INTERNATIONAL FINANCE

The study of the flow of monetary payments and the exchange of currencies among nations undertaken as a necessary complement to the international trading of goods and services. The exchange of currencies takes place through the foreign exchange market, which determines the foreign exchange rate, or exchange rate or one currency for another. The balance of payments documents the flow of currency payments into and out of a given country. A related area of study is international trade, both of which are part of the broader study of international economics.

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Today, you are likely to spend a great deal of time searching for rummage sales seeking to buy either clothing for your pet dog or an ink cartridge for your printer. Be on the lookout for malfunctioning pocket calculators.
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Post WWI induced hyperinflation in German in the early 1900s raised prices by 726 million times from 1918 to 1923.
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