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SOCIAL SCIENCE: The scientific study of society--of human behavior and of social interactions. Several social sciences are economics, sociology, political science, and anthropology. Economics is considered a social science because it seeks to explain how society deals with the scarcity problem.
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SHORTAGE A condition in the market in which the quantity demanded is greater than the quantity supplied at the existing price. Because buyers are unable to buy as much of the good as they want, a shortage generally causes an increase in the market price, which then acts to restore equilibrium. A shortage, which also goes by the terms excess demand and sellers' market, is one of two basic states of disequilibrium for the market. The other is surplus.
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BLUE PLACIDOLA
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Today, you are likely to spend a great deal of time touring the new suburban shopping complex looking to buy either a genuine fake plastic Tiffany lamp or a microwave over that won't burn your popcorn. Be on the lookout for the happiest person in the room.
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In his older years, Andrew Carnegie seldom carried money because he was offended by its sight and touch.
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"The man who can drive himself further once the effort gets painful is the man who will win. " -- Roger Bannister, runner
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BJE
Bell Journal of Economics
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