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AGGREGATE EXPENDITURE EQUATION: An equation indicating that aggregate expenditures (AE) are the sum of consumption expenditures (C), investment expenditures (I), government purchases (G), and net exports (X-M), stated as: AE = C + I + G + (X-M). This equation surfaces in the Keynesian economic income-expenditure model in the form of the aggregate expenditures line. However, it's also central throughout the study of macroeconomics, including aggregate demand and the measurement of gross domestic product.

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ECONOMIC RESOURCE

A resource with an available quantity less than its desired use. Economic, or scarce, resources are also called factors of production and generally classified as either labor, capital, land, or entrepreneurship. Economic resources are the workers, equipment, raw materials, and organizers that are used to produce economic goods. Like the more general society-wide condition of scarcity, a given resource falls into the economic or scarce category because of it has a limited availability relative to (potentially unlimited) productive uses.

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Today, you are likely to spend a great deal of time at a flea market seeking to buy either one of those memory foam pillows or a remote controlled train set. Be on the lookout for spoiled cheese hiding under your bed hatching conspiracies against humanity.
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In the late 1800s and early 1900s, almost 2 million children were employed as factory workers.
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MPP
Marginal Physical Product
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