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SPATIAL DIFFERENTIATION: The notion that economic activity is not evenly dispersed across the land. That is, goods, services, resources, production, and consumption are more concentrated at some locations and less concentrated at other locations due to natural endowments and human activity. The result is that no two location points have exactly the same access to inputs or outputs. This is a fundamental principle underlying the study of urban and regional economics and implies that firms and households must include transportation cost and location in production and consumption decisions.
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FREE-RIDER PROBLEM A problem underlying the provision of public goods that occurs when a person consumes or benefits from a good without making payment. The free-rider problem is the primary reason that public goods are produced by governments. Because public goods are characterized by the inability to exclude nonpayers, once a public good is produced anyone, everyone, can consume without making payment, that is, get a "free ride." Voluntary payments like those occurring in markets will not provide enough revenue to pay production costs. The only way to finance public goods is to force free-riders, and everyone else, to pay through government taxes. The free-rider problem also applies to common-property goods.
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RED AGGRESSERINE
[What's This?]
Today, you are likely to spend a great deal of time at a dollar discount store looking to buy either income tax software or a how-to book on the art of negotiation. Be on the lookout for small children selling products door-to-door.
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This isn't me! What am I?
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Sixty percent of big-firm executives said the cover letter is as important or more important than the resume itself when you're looking for a new job
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"Nothing will ever be attempted if all possible objections must first be overcome. " -- Samuel Johnson, essayist, critic, lexicographer
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MLE
Maximum Likelihood Estimator
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