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REAL ECONOMY: The physical side of the economy dealing with goods, services and resources. This side is concerned with using resources to produce the goods and services that make the satisfaction of wants and needs possible. This should be contrasted with the paper economy, or financial side of the economy.

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INCOME EFFECT

The change in quantity demanded that results because a change in the demand price of a good affects real income (that is, the purchasing power of income) even though nominal income remains the same. This is one of two reasons, or effects, underlying the law of demand and the negative slope of the market demand curve. The other is the substitution effect.

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Today, you are likely to spend a great deal of time wandering around the shopping mall looking to buy either a pair of designer sunglasses or looseleaf notebook paper. Be on the lookout for jovial bank tellers.
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The first paper notes printed in the United States were in denominations of 1 cent, 5 cents, 25 cents, and 50 cents.
"There's a very positive relationship between people's ability to accomplish any task and the time they're willing to spend on it."

-- Dr. Joyce Brothers

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