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NATURAL UNEMPLOYMENT RATE: The rate of unemployment that occurs when the economy is at full employment. This rate is primarily composed of frictional and structural unemployment.

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SUBSTITUTE GOOD

In general, one of two (or more) goods that are related in an either/or fashion. In terms of demand, substitute goods are those that provide the same basic satisfaction of a want or need when consumed. In terms of supply, substitute goods are those that use the same resource for production in an exclusionary manner. A substitute good is one of two ways that goods are related. The other is a complement good.

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BLUE PLACIDOLA
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Today, you are likely to spend a great deal of time at an auction wanting to buy either any book written by Isaac Asimov or a how-to book on building remote controlled airplanes. Be on the lookout for bottles of barbeque sauce that act TOO innocent.
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Only 1% of the U.S. population paid income taxes when the income tax was established in 1914.
"Adversity is another way to measure the greatness of individuals. I never had a crisis that didn't make me stronger. "

-- Lou Holtz, Football Coach

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International Development Association
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