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TECHNOLOGICAL PROGRESS: An improvement in the ability to use the factors in the production of goods and services. That is, technological progress is an advance in the technical efficiency with which resources are combined in production. In contrast to factor accumulation, technological progress is an increase not in the quantity of the factor of production, but in the ability to transform the existing ones into output. That is, the ability to produce more output with given inputs or fewer inputs for a given output.
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POSITIVE ECONOMICS The branch of economics that seeks to explain the way the economy actually operates. It is the application of the scientific method and the process of testing hypothesis to economic phenomena. A positive economic statement is one that can be refuted by looking at the real world--that is, by testing a hypothesis.
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GREEN LOGIGUIN
[What's This?]
Today, you are likely to spend a great deal of time flipping through mail order catalogs hoping to buy either a flower arrangement with daisies and carnations for your uncle or a coffee cup commemorating next Thursday. Be on the lookout for telephone calls from long-lost relatives.
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This isn't me! What am I?
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A lump of pure gold the size of a matchbox can be flattened into a sheet the size of a tennis court!
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"Courage is the ladder on which all the other virtues mount." -- Claire Boothe Luce, diplomat, writer
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JEL
Journal of Economic Literature
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