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AD-AS MODEL: An economic model relating the price level and real production that is used to analyze business cycles, gross domestic product, unemployment, inflation, stabilization policies, and related macroeconomic phenomena. The AS-AD model, inspired by the standard market model, captures the interaction between aggregate demand (the buyers) and short-run and long-run aggregate supply (the sellers).

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FOREIGN SECTOR: The basic macroeconomic sector that includes everyone and everything outside the political boundaries of the domestic economy. This includes households, businesses, and governments in other countries. This is one of four macroeconomic sectors. The other three are household sector, business sector, and government sector. In terms of the circular flow model of the economy, the foreign sector is responsible for net export expenditures on gross domestic product.

     See also | foreign | domestic | net exports | exports | imports | foreign exchange | balance of payments | household sector | business sector | government sector | circular flow | gross domestic product |


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FOREIGN SECTOR, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2023. [Accessed: February 1, 2023].


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DEMAND CURVE

A graphical representation of the relation between the demand price and quantity demanded, holding all ceteris paribus demand determinants constant. A demand curve graphically illustrates the law of demand, the inverse relation between demand price and quantity demanded for a particular good. It is one half of the standard market model; a supply curve is the other half.

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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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Okun's Law posits that the unemployment rate increases by 1% for every 2% gap between real GDP and full-employment real GDP.
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