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PERFECT COMPETITION, MARGINAL ANALYSIS: A perfectly competitive firm produces the profit-maximizing quantity of output that equates marginal revenue and marginal cost. This marginal approach is one of three methods that used to determine the profit-maximizing quantity of output. The other two methods involve the direct analysis of economic profit or a comparison of total revenue and total cost.
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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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GREEN LOGIGUIN
[What's This?]
Today, you are likely to spend a great deal of time browsing about a thrift store looking to buy either a how-to book on fixing your computer, with illustrations or several magazines on computer software. Be on the lookout for slightly overweight pizza delivery guys.
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Two and a half gallons of oil are needed to produce one automobile tire.
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"Live in such a way that you would not be ashamed to sell your parrot to the town gossip." -- Will Rogers
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VAT
Value Added Tax
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