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M1: The narrow-range monetary aggregate for the U.S. economy containing the combination of currency (and coins) issued by government and held by the nonbank public and checkable deposits issued by banking institutions. M1 contains the two items that function as THE medium of exchange for the U.S. economy. M1 is one of three monetary aggregates tracked and reported by the Federal Reserve System. The other two are designated M2 and M3.

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ABSOLUTE ADVANTAGE: The general ability to produced more goods using fewer resources. This idea of absolute advantage is important for trading that occurs between both people and nations. A nation can get an absolute advantage from an advanced level of technology or higher quality resources. For a person, an absolute advantage can result from natural abilities or the acquisition of human capital (education, training, or experience).

     See also | comparative advantage | foreign trade | production | specialization | resources | technology | human capital | investment |


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ABSOLUTE ADVANTAGE, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2022. [Accessed: December 4, 2022].


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LEAKAGES LINE

A graphical representation of the relation between the level of aggregate production and one or more leakages. The three leakages (non-consumption uses of the income generated from aggregate production) are saving, taxes, and imports. The leakages line sequentially adds, or layers, each of these three uses of income depending on the number of sectors used in the analysis (two, three, or four). The slope of the leakages line depends on which if any of the uses of income are induced by aggregate production. The leakages line is combined with the injections line (containing investment expenditures, government purchases, and exports) in the Keynesian injections-leakages model.

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Today, you are likely to spend a great deal of time browsing about a thrift store looking to buy either a birthday gift for your aunt or a pair of leather sandals that won't cause blisters. Be on the lookout for pencil sharpeners with an attitude.
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Lewis Carroll, the author of Alice in Wonderland, was the pseudonym of Charles Dodgson, an accomplished mathematician and economist.
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