First Sentence:
People's economic wants are numerous and varied. Biologically, humans need only air, water, food, clothing, and shelter.
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Key Phrases - Statistically Improbable Phrases (SIPs):
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aggregate expenditures schedule, aggregate expenditures model, real domestic output, net foreign factor income, investment demand curve, domestic macroeconomic adjustments, downward wage inflexibility, demand curve leftward, net export effect, demand curve rightward, net export schedules, production possibilities curve outward, aggregate supply curve shifts, economizing problem, recessionary gap, monetary multiplier, domestic opportunity costs, production possibilities table, checkable deposits, consumption schedule, import demand curve, real output rises, stoney supply, equilibrium world price, negative net exports
Key Phrases - Capitalized Phrases (CAPs):
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Federal Reserve Banks, Last Word, Web-Based Question, Board of Governors, New York, New Economy, Great Depression, Bretton Woods, Bureau of Economic Analysis, Census Bureau, Big Mac, World Trade Organization, Second World War, Billions Billions, Alan Greenspan, Great Britain, Congressional Budget Office, John Maynard Keynes, Key Appendix Question, Uruguay Round, Council of Economic, Department of Commerce, Economic Report of the President, Federal Open Market Committee, Soviet Union
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