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FACTOR ACCUMULATION: An increase in the quantity of the four basic factors used to produce goods and services in the economy--labor, capital, land, and entrepreneurship. Increases in these "factors of production" enable an economy to produce more goods and services and therefore the long-run expansion of the economy's ability to produce output--that is, economic growth. Economic growth however, is made possible not only by increasing the quantity of the economy's resources, but also by increasing their quality.
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BARTER A method of trading goods, commodities, or services, directly for one another without the use of money. Barter was the first type of market exchanged undertaken by human civilization as people advanced beyond self sufficiency in the satisfaction of their wants and needs. Modern economies still use a modest amount of barter to allocate resources. The key to a barter exchange is a double coincidence of wants, in which each side of the exchange wants what the other side has and has want the other side wants. A barter exchange tends to be less efficient that exchanges involving money.
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GRAY SKITTERY
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Today, you are likely to spend a great deal of time touring the new suburban shopping complex seeking to buy either any book written by Stephan King or a T-shirt commemorating next Thursday. Be on the lookout for florescent light bulbs that hum folk songs from the sixties.
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A communal society, a prime component of Karl Marx's communist philosophy, was advocated by the Greek philosophy Plato.
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"Never confuse a single defeat with a final defeat." -- F. Scott Fitzgerald, writer
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ALAC
Latin American Free Trade Area
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