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TRANSACTION COSTS: The costs that arise when dealing or trading with others that are beyond the price. These include the costs of negotiating, writing and enforcing contracts. When buying or selling securities for example, transaction costs include brokers' commissions and dealers' spreads.
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POLITICAL VIEWS Alternative perspectives of the proper role that government should play in the economy, with conservatives on the right, liberals on the left, and moderates in the middle. Libertarians show up to the right of conservatives and socialists (including Marxists and communists) are to the left of liberals.
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Francis Bacon (1561-1626), a champion of the scientific method, died when he caught a severe cold while attempting to preserve a chicken by filling it with snow.
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"Follow effective action with quiet reflection. From the quiet reflection will come even more effective action. " -- Peter F. Drucker, author
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