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RENEWABLE RESOURCE: A natural resource that can be increased by either automatically through the natural forces of the environment or through actions undertaken by people. The quantities of renewable resources and not fixed and thus the amounts available for use tomorrow can be increased. Efficient use of renewable resources requires a balance between the rate of use and the rate of renewal. It is possible to efficiently use renewable resources indefinitely. However, such resources can also be exhausted if the rate of use exceeds the rate of renewal. Common examples of renewable resources are plant life, animal life, clean air, and clean water.

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PRODUCT MARKETS

Markets that exchange final goods and services, that is, the output that is combined into gross domestic product. The buyers of this production are the four macroeconomic sectors--household, business, government, and foreign. The seller of this production is primarily the business sector. A substantial part of macroeconomics is devoted to explaining how and why gross domestic product exchanged through product markets rises or falls. Product markets, also termed output or goods markets, are one of three primary sets of macroeconomic markets. The other two are resource markets and financial markets.

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Today, you are likely to spend a great deal of time flipping through mail order catalogs seeking to buy either a genuine down-filled pillow or one of those "hang in there" kitty cat posters. Be on the lookout for jovial bank tellers.
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Much of the $15 million used by the United States to finance the Louisiana Purchase from France was borrowed from European banks.
"Expect people to be better than they are; it helps them to become better. But don't be disappointed when they're not; it helps them to keep trying."

-- Merry Browne, Author

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