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ECONOMIC POLICIES: Government actions designed to affect economic activity and pursue one or more economic goals. Also called economic policies. The four common types of government policies are: fiscal, monetary, regulatory, and judicial.

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SELLERS' EXPECTATIONS, SUPPLY DETERMINANT

The expectations that sellers have concerning the future price of a good, which is assumed constant when a supply curve is constructed. If sellers expect a higher price, then supply decreases. If sellers expect a lower price, then supply increases. Sellers' expectations are one of five supply determinants that shift the supply curve when they change. The other four are resource prices, production technology, other prices, and number of sellers.

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Today, you are likely to spend a great deal of time calling an endless list of 800 numbers wanting to buy either clothing for your pet iguana or a set of hubcaps. Be on the lookout for pencil sharpeners with an attitude.
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Two and a half gallons of oil are needed to produce one automobile tire.
"In every man's life there lies latent energy. There is, however, a spark that, if kindled, will set the whole being afire, and he will become a human dynamo, capable of accomplishing almost anything to which he aspires. "

-- James Cash Penney, retailer

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