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October 31, 2024 

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ALLOCATION: The process of distributing resources for the production of goods and services, and of distributing goods and services for consumption by households. This process of allocation is essential to an economy's effort to address the problem of scarcity. An allocation is efficient if the resources, goods, and services are distributed according to the economy's highest valued uses.

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THREE-SECTOR KEYNESIAN MODEL: A model used to identify equilibrium in Keynesian economics based on aggregate expenditures by the three domestic sectors (household, business, and government). Equilibrium is achieved at the intersection of the aggregate expenditures line, AE = C + I + G, and the 45-degree line, Y = AE. This is Keynesian aggregate expenditures model can be used to analyzed the impact of government fiscal policy on aggregate expenditures and equilibrium.

     See also | Keynesian economics | Keynesian equilibrium | consumption line | aggregate expenditures line | 45-degree line | household sector | business sector | government sector | fiscal policy | two-sector Keynesian model | four-sector Keynesian model |


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THREE-SECTOR KEYNESIAN MODEL, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2024. [Accessed: October 31, 2024].


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PERFECT COMPETITION, DEMAND

The demand curve for the output produced by a perfectly competitive firm is perfectly elastic at the going market price. The firm can sell all of the output that it wants at this price because it is a relatively small part of the market. As a price taker, the firm has no ability to charge a higher price and no reason to charge a lower one. The market price facing a perfectly competitive firm is also average revenue and, most important, marginal revenue.

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Today, you are likely to spend a great deal of time at a flea market hoping to buy either a coffee cup commemorating the 2000 Olympics or a birthday gift for your grandmother. Be on the lookout for bottles of barbeque sauce that act TOO innocent.
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The 1909 Lincoln penny was the first U.S. coin with the likeness of a U.S. President.
"In the long run men hit only what they aim at. "

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