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SOCIAL SECURITY: A system for providing financial assistance to the poor, elderly, and disabled. The social security system in the United States was established by the Social Security Act (1935) in response to the devastating problems of the Great Depression. Our current Social Security system has several parts. The first part, Old Age and Survivors Insurance (OASI) is the one the usually comes to mind when the phrase "Social Security" comes up. It provides benefits to anyone who has reached a certain age and who has paid taxes into the program while employed. It also provides benefits to qualified recipients survivors or dependents. The second part of the system is Disability Insurance (DI), which provides benefits to workers and their dependents in the case of physical disabilities that keeps them from working. The third part is Hospital Insurance (HI), more commonly termed medicare. Medicare provides two types of benefits, hospital coverage for anyone in the OASI part of the system and optional supplemental medical benefits that require a monthly insurance premium. The last part of the social security system is Public Assistance (PA), which is the official term for welfare and is covered under it's own heading.
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EQUILIBRIUM A state that exists when opposing forces are in balance, with each force exactly offsetting the other, such that there is no inherent tendency for change. Once achieved, an equilibrium persists unless or until it is disrupted by an outside force. The notion of equilibrium is an essential feature in most economic models, such as the market model.
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Today, you are likely to spend a great deal of time going from convenience store to convenience store hoping to buy either a large, stuffed giraffe or a birthday greeting card for your aunt. Be on the lookout for a thesaurus filled with typos.
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There were no banks in colonial America before the U.S. Revolutionary War. Anyone seeking a loan did so from another individual.
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"Nearly all men can stand adversity; but if you want to test a manžs character, give him power. " -- Abraham Lincoln, 16th U.S. President
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ECLA
Economic Commission for Latin America
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