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INDUCED GOVERNMENT PURCHASES: Government purchases that depend on income or production (especially national income or gross national product). An increase in national income triggers an increase in induced government purchases. Induced government purchases is graphically depicted as the slope of the government purchases line and is measured by the marginal propensity for government purchases. The induced relation between income and government purchases, as well as other induced expenditures, form the foundation of the multiplier effect triggered by changes in autonomous expenditures.
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Lesson 9: Consumer Demand | Unit 3: Marginal Utility
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Page: 15 of 22
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In this unit, you should have learned about:- Marginal utility as the extra satisfaction obtained from consuming more units of a good.
- How marginal utility is identified as the change in total utility due to a change in the quantity.
- The marginal utility schedule as a table relating marginal utility and the quantity consumed.
- How marginal utility decreases with the quantity consumed until it becomes negative.
- The law of diminishing marginal utility which states that marginal utility declines when more of a good is consumed.
- Why the law of diminishing marginal utility results from fulfilling a want or need.
- The potential relation between the law of demand and the law diminishing marginal utility.
- How the diamond-water paradox illustrates the difference between total utility and marginal utility.
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BALANCE ON SERVICES A subset of the balance of payments current account that records the difference between the payments received for exports of services to other nations and the payments made for the imports of services from other nations. The flow of payments is for intangible services, not for physical or tangible goods. The balance on services is thus appropriately divided into services exported and services imported. Two other subsets of the current account include the balance on merchandise trade and unilateral transfers. The commonly termed balance of trade is the sum of the balance on merchandise trade and the balance on services.
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BROWN PRAGMATOX
[What's This?]
Today, you are likely to spend a great deal of time browsing through a long list of dot com websites seeking to buy either storage boxes for your computer software CDs or a set of tires. Be on the lookout for bottles of barbeque sauce that act TOO innocent.
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This isn't me! What am I?
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One of the largest markets for gold in the United States is the manufacturing of class rings.
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"Carpe diem! Rejoice while you are alive; enjoy the day; live life to the fullest; make the most of what you have. It is later than you think." -- Horace, Ancient Roman poet
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PPI
Producer Price Index
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