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RIVAL CONSUMPTION: Consumption of a good by one person imposes a cost on, or prevents consumption of the good by, another person. Some goods, like food, have extremely rival consumption. One person, and only one person, gets the benefit. Other goods, like national defense, have no consumption rivalry, everyone can benefit simultaneously without imposing a cost on others. This is one of the two key characteristics of a good (the other is excludability) that distinguishes between common-property goods, near-public goods, private goods, and public goods.
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ECONOMICS A social science that studies the allocation of limited resources used to produce the goods and services that satisfy unlimited consumer wants and needs. Economics is one of several social sciences (others are sociology, political science, and anthropology) which applies the scientific method to human behavior. The distinguishing feature of economics is a concern with the fundamental problem of scarcity--unlimited wants and needs and limited resources. Economics is commonly divided into two branches--macroeconomics and microeconomics.
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YELLOW CHIPPEROON
[What's This?]
Today, you are likely to spend a great deal of time at a dollar discount store seeking to buy either a printer that works with your stockpile of ink cartridges or income tax software. Be on the lookout for bottles of barbeque sauce that act TOO innocent.
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This isn't me! What am I?
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A lump of pure gold the size of a matchbox can be flattened into a sheet the size of a tennis court!
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"When we do the best we can, we never know what miracle is wrought in our life or in the life of another. " -- Helen Keller, lecturer, author
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AOQ
Average Outgoing Quality
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