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ECONOMICS IN PERSPECTIVE
SEVEN PRlNClPLES OF ECONOMlC THlNKlNG
THE ROLE OF THEORY lN ECONOMlCS
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aggregate demand aggregate supply aggregate supply curve amount assets average total cost bank behavior benefits billion budget business cycle buyers capital cartel Chapter classical competitive firm consumers consumption cost curve countries currency decrease deficits demand curve deposits dollars economic growth economists effect elasticity of demand equal equilibrium example exchange rate exports factors Federal Reserve Figure firm's fiscal policy foreign exchange foreign exchange market full employment higher important increase indifference curve individuals industry inflation rate inputs interest rates investment Keynesian labor loans long-run lower macroeconomic marginal cost marginal product marginal revenue marginal utility ment money supply monopolistic competition monopoly MRPL national income opportunity cost output percent price level problems production possibilities profits purchase purely competitive quantity demanded reduce regulation result rise saving sellers shift short-run spending supply curve Table tariff theory tion trade union United variable workers