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March 19, 2024 

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X-AXIS: In a graph, this is one of two lines that intersect at a right angle at their origins. This is the "horizontal-axis" that runs from right and left. In most analyses, the variable measured on the X-axis is consider to be the independent variable.

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PROFIT MAXIMIZATION: The process of obtaining the highest possible level of profit through the production and sale of goods and services. The profit-maximization assumption is the guiding principle underlying short-run production by a firm. In particular, it is assumed that firms undertake actions and make the decisions that increase profit. The profit-maximization assumption is the production counterpart to the utility-maximization assumption for consumer behavior.

     See also | profit | total revenue | total cost | firm | production | short-run production | utility maximization | perfect competition | monopoly | monopolistic competition | oligopoly |


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CONSUMPTION SCHEDULE

A table or chart that represents the relation between household sector consumption and income. A consumption schedule is commonly used for a basic, instructional presentation of aggregate consumption activity by the household sector and is also used as a source of numbers for deriving the consumption line. The key measures derived from the consumption-income relation in the schedule are average propensity to consume and marginal propensity to consume. The saving schedule is comparable table for the relation between saving and income.

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Today, you are likely to spend a great deal of time wandering around the downtown area looking to buy either a genuine down-filled comforter or a 200-foot blue garden hose. Be on the lookout for deranged pelicans.
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The word "fiscal" is derived from a Latin word meaning "moneybag."
"Look at the abundance all around you as you go about your daily business. You have as much right to this abundance as any other living creature. It's yours for the asking."

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