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Definitions Types of Business Costs 1. Total Costs (TC) Total costs are the sum of all the expenses

Definitions Average Revenue (AR) Marginal Revenue (MR) Factors Influencing Average and Marginal Revenue Analyzing Average and Marginal Revenue

Definitions Business Growth: An increase in the size and value of a business, typically measured by various metrics

Definitions Trade Policy: A government’s policy governing international trade. Trade policies determine the tariffs and quotas that the

Definitions Balance of Payments: Simplified Explanation The Balance of Payments is like a record book that keeps track

Definitions Introduction to Monetary Policy Definition: Monetary policy involves the control of the money supply and interest rates

Definitions Introduction to the Phillips Curve The Original Phillips Curve The Adaptation to Price Inflation The Short-Run Phillips

Definitions The Multiplier Effect Definition The multiplier effect refers to the process by which an initial increase in

Definitions Diagrams Components of the Circular Flow Assumptions of the Model The Two-Sector Model The Three-Sector Model (Inclusion

Definitions Diagrams Figure 1: AS/AD Curve AS Curve AS (Aggregate Supply): The AS curve shows the total quantity