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RESERVES: The vault cash and deposits at the Federal Reserve System that banks use to complete day-to-day transactions.
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ABSOLUTE ADVANTAGE The general ability to produce more goods or services using fewer resources. A person or country has an absolute advantage in production largely due to superior technology or greater technical efficiency. A related, but contrasting concept is comparative advantage. Both terms are perhaps most important to the study of international trade, but also provide insight into other exchanges.
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WHITE GULLIBON
[What's This?]
Today, you are likely to spend a great deal of time strolling around a discount warehouse buying club looking to buy either income tax software or a how-to book on the art of negotiation. Be on the lookout for slow moving vehicles with darkened windows.
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This isn't me! What am I?
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John Maynard Keynes was born the same year Karl Marx died.
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"Even a mistake may turn out to be the one thing necessary to a worthwhile achievement." -- Henry Ford
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LRMC
Long Run Marginal Cost
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