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GUILD: In medieval European times, a collection of artisans or merchants in the same occupation or industry, often in a particular location. Guilds were the forerunners of modern craft unions. They typical set quality standards and criteria for entry into the profession. Doing so allowed guilds to limit competition, monopolize their markets, keep prices high, and boost guild member incomes.
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OPPORTUNITY COST, PRODUCTION POSSIBILITIES The production possibilities analysis, which is the alternative combinations of two goods that an economy can produce with given resources and technology, can be used to illustrate opportunity cost--the highest valued alternative foregone in the pursuit of an activity.
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YELLOW CHIPPEROON
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Today, you are likely to spend a great deal of time visiting every yard sale in a 30-mile radius hoping to buy either a large, stuffed giraffe or a birthday greeting card for your aunt. Be on the lookout for telephone calls from long-lost relatives.
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The first U.S. fire insurance company was established by Benjamin Franklin in 1752 in Philadelphia.
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"The past cannot be changed. The future is yet in your power. " -- Hugh White, U.S. Senator
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MSE
Mean Squared Error
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