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EMPIRICAL: Based on or relating to real world data or analysis. Empirical should be contrasted with the theoretical. Whereas theoretical refers to abstract representations, empirical is actual real world observations. Empirical observation is critical to the scientific method. Once an hypothesis implied by a theory, empirical observation is key to the verification process.
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SELF CORRECTION, RECESSIONARY GAP The automatic process in which the aggregate market eliminates a recessionary gap created by a short-run equilibrium that is less than full employment through decreases in wages (and other resource prices). The self-correction mechanism is triggered by short-run resource market imbalances that are closed by long-run price flexibility. The self-correction process of the aggregate market also acts to close an inflationary gap with higher wages (and other resource prices).
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GRAY SKITTERY
[What's This?]
Today, you are likely to spend a great deal of time searching for rummage sales wanting to buy either a rechargeable battery for your cell phone or a T-shirt commemorating the 2000 Olympics. Be on the lookout for rusty deck screws.
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This isn't me! What am I?
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The first paper currency used in North America was pasteboard playing cards "temporarily" authorized as money by the colonial governor of French Canada, awaiting "real money" from France.
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"The majority of men meet with failure because of their lack of persistence in creating new plans to take the place of those that fail. " -- Napoleon Hill, author
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ACT
Advance Corporation Tax
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