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WIDGET: A fictitious good commonly used by economic instructors to demonstrate economic principles or undertake hypothetical analyses. For example, the analysis of short-run production for a firm might be demonstrated through the production of widgets. Alternatively, the law of demand might be illustrated with a table or curve comparing the price of widgets with the quantity demanded of widgets. If such a good exists, and there is no clear evidence that widgets have every existed, it is a small mechanical device, constructed of interlocking cogs, several knobs, and at least one handle. Widgets are most often used when thingamajigs and dohickies are unavailable.
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SELLERS' MARKET A disequilibrium condition in a competitive market that has a shortage or excess demand. Because the quantity demanded is greater than the quantity supplied, sellers have the "upper hand" when negotiating. A sellers' market also goes by the more common term of shortage. The alternative to a sellers' market is a buyers' market, which has a surplus or excess supply.
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PURPLE SMARPHIN [What's This?]
Today, you are likely to spend a great deal of time touring the new suburban shopping complex trying to buy either a set of tires or a birthday gift for your grandfather. Be on the lookout for letters from the Internal Revenue Service. Your Complete Scope
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Approximately three-fourths of the U.S. paper currency in circular contains traces of cocaine.
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"In war, there is no second prize for the runner-up." -- Omar Bradley, US Army general
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IAB Inter-American Bank
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