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ecn211 test 2

ecn211 test 2 - Sheet1 business firm"a business...

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Sheet1 Page 1 business firm,"a business organization controlled by a single management" consumer sovereignty,"the authority of consumers to determine what is produced through their purchases of good/services" financial intermediaries,"institutions that accept deposits from savers and make loans to borrowers" investment,"spending on capital goods to be used in producing good/services" trade deficit,"imports > exports" trade surplus,"imports < exports" externality,"the cost or benefit of a transaction that is borne by someone who is not directly involved in the transaction" fiscal policy,"the policy directed toward government spending and taxation -congress and president" monetary policy,"the policy directed towards the control of money and credit -federal reserve (feds!)" economic growth,"increase in the real national income" budget surplus,"gov. revenue is > gov. spending" budget deficit,"gov. revenue is < gov. spending" transfer payment,"incline transferred by the gov. from 1 citizen to another (does not have to be repaid)"
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