econ205jan24 - US Economy is in recession recession means...

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ECON 205 January 24, 2008 Distinction between demand and quantity If gas price goes up, quantity of demand goes up, but demand stays the same Demand Shifters: Income, Price of sbustitute Supply Shifters: Technology Cost or Price of < wages, rent, interest Taxes Expectations of future prices
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Unformatted text preview: US Economy is in recession recession means gdp, means less income circular Flow objectives Households - Maximize ultility Firms - maximize profit Government - maximize votes International - maximize profit Household...
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