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Government Purchases
Expenditures by government entities on goods and services that are part of government consumption or investment.
Producer Surplus
The difference between the amount producers receive from selling a good or service and the minimum amount they would accept for that good or service.
Price Floor
A price floor is a government- or authority-set minimum price below which a particular good or service cannot legally be sold, aiming to prevent prices from falling too low.
Widgets
A generic term commonly used to refer to an unspecified, fictional product used in examples and economic theory.
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