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RECOVERY: A early expansionary phase of the business cycle shortly after a contraction has ended, but before a full-blown expansion begins. During a recovery, the unemployment rate remains relatively high, but it is beginning to fall. Real gross domestic product has begun to increase, usually rapidly. However, because the contraction remains fresh in the minds of many, it may not be immediately clear that the trough of the contraction has been reached.

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ABSOLUTE ADVANTAGE

The general ability to produce more goods or services using fewer resources. A person or country has an absolute advantage in production largely due to superior technology or greater technical efficiency. A related, but contrasting concept is comparative advantage. Both terms are perhaps most important to the study of international trade, but also provide insight into other exchanges.

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BLACK DISMALAPOD
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Today, you are likely to spend a great deal of time at an auction wanting to buy either shoe laces for your snow boots or a rim for your spare tire. Be on the lookout for jovial bank tellers.
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A U.S. dime has 118 groves around its edge, one fewer than a U.S. quarter.
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-- Auguste Rodin, Sculptor

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