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S CORPORATION: A legal firm type that is officially structure as a corporation, especially with limited liability of the owners, but is able to avoid the double taxation of profits through the use of a special section of the Internal Revenue Service tax code (Chapter S). The profit of an S corporation is considered the income of its owners and is thus taxable only as individual income. There are, however, limits on who can be an owner of an S corporation.
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POINT ELASTICITY The relative responsiveness of a change in one variable (call it B) to an infinitesimally small change in another variable (call it A). The notion of point elasticity typically comes into play when discussing the elasticity at a specific point on a curve.
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The Odds On GAMBLINGI'm sure there's a great philosopher somewhere who once uttered the words, "Life's a contradiction and we're all a bunch of hypocrites." Take me for example. Just this morning I walked by Smilin' Ted's All-Comers Insurance Agency to drop off my annual shoe insurance premium (for protection against blowouts), then made a pit stop at Master Sprocket's convenience store where I plopped down five dollars on five (count 'em, five) Super Luck-O Multi-State Lottery tickets. Within a space of two blocks and twenty minutes I bought $37.56 worth of shoe insurance to avoid risk and then spent another $5 to take on some risk. Am I a walking contradiction, or what?
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GRAY SKITTERY
[What's This?]
Today, you are likely to spend a great deal of time searching for rummage sales trying to buy either a set of luggage without wheels or a how-to book on wine tasting. Be on the lookout for telephone calls from former employers.
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This isn't me! What am I?
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Parker Brothers, the folks who produce the Monopoly board game, prints more Monopoly money each year than real currency printed by the U.S. government.
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"A genius is a talented person who does his homework." -- Thomas Edison
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GDP
Gross Domestic Product
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