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ECONOMIC PRODUCTION: The production of final goods and services taking place during a given time period. The emphasis here is on time period, especially the CURRENT time period. Gross domestic product is the macroeconomy's prime measure of current production. Current production is best contrasted with transactions for past production and future production, both of which are excluded from gross domestic product.

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NORMATIVE ECONOMICS

The branch of economics that seeks to recommend the way the economy should operate. It is the policy side of economics that is based on individual preferences and cannot be proven either right or wrong. A normative economic statement cannot be refuted by looking at the real world--that is, by testing hypotheses.

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BLACK DISMALAPOD
[What's This?]

Today, you are likely to spend a great deal of time watching the shopping channel wanting to buy either a brown leather attache case or car battery jumper cables. Be on the lookout for rusty deck screws.
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This isn't me! What am I?

Al Capone's business card said he was a used furniture dealer.
"We can't take any credit for our talents. It's how we use them that counts. "

-- Madeleine L'Engle, Writer

TOCOM
Tokyo Commodity Exchange (Japan)
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