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OPEN ECONOMY: An economy with a great deal of foreign trade. At the extreme, a completely open economy is one that has no trade barriers. Most of the world's hundred-plus nations are relatively open, but much less than they could be because of a wide assortment of trade restrictions. The more an economy is open, the more dependent it is on happenings around the world.

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INNOVATION

The initial application of new products, technologies, and ideas that usually generate a beneficial improvement in society and the economy. In contrast to an invention, which is the act of creation, an innovation is the implementation of a product, technology, or idea. Innovations are changes in existing institutions and the status quo, prompted by risk-taking entrepreneurs, that promote prosperity and improved living standards.

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RED AGGRESSERINE
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Today, you are likely to spend a great deal of time watching the shopping channel hoping to buy either shoe laces for your snow boots or a rim for your spare tire. Be on the lookout for cardboard boxes.
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Junk bonds are so called because they have a better than 50% chance of default, carrying a Standard & Poor's rating of CC or lower.
"My philosophy of life is that if we make up our mind what we are going to make of our lives, then work hard toward that goal, we never lose - somehow we win out."

-- President Ronald Reagan

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