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FARM PROBLEM: The short-run situation in which weather variability creates large fluctuations in farm prices, combined with the long-run situation in which technological advances increase production capabilities even though the demand for agricultural production declines relative to the growth of the overall economy. Taken together these two situations lead to highly unstable farm incomes that tend to decline over time. The solution to this problem has been significant government intervention in the agricultural industry, especially through assorted subsidies and price floors.

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SELF CORRECTION, MARKET

The automatic process in which markets adjust from disequilibrium to equilibrium. With this self-correction process, the market price either increases or decreases in response to a shortage or a surplus to restore the balance between quantity demanded and quantity supplied. This process works automatically to achieve equilibrium without the need for outside intervention, such as government regulation.

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GREEN LOGIGUIN
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Today, you are likely to spend a great deal of time looking for a downtown retail store hoping to buy either an extra large beach blanket or a large flower pot shaped like a Greek urn. Be on the lookout for letters from the Internal Revenue Service.
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The first "Black Friday" on record, a friday marked by a major financial catastrophe, occurred on September 24, 1869 -- A FRIDAY -- when an attempted cornering of the gold market induced a financial crises and economy-wide depression.
"Whatever course you decide upon, there is always someone to tell you that you are wrong. There are always difficulties arising which tempt you to believe that your critics are right. To map out a course of action and follow it to an end requires...courage."

-- Ralph Waldo Emerson

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Marginal Cost
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