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LOCAL INPUT: An input that has a relatively small geographic market area due to the high cost of transportation. The high transportation cost means it is easier (that is, less expensive) to locate the production activity near the input rather than trying to bring the input to the production activity. Like many things, local inputs are a matter of degree. At the other end of the spectrum lies transferrable inputs. Natural resources of the land, such as soil fertility, weather conditions, mineral deposits, tend to have the greatest local orientation. Labor and many urban public utilities, such as water distribution and sewage disposable, also tend to fall into the local category.
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SELF CORRECTION, INFLATIONARY GAP The automatic process in which the aggregate market eliminates an inflationary gap created by a short-run equilibrium that is greater than full employment through increases in wages (and other resource prices). The self-correction mechanism is triggered by short-run resource market imbalances that are closed by long-run price flexibility. The self-correction process of the aggregate market also acts to close a recessionary gap with lower wages (and other resource prices).
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BLACK DISMALAPOD
[What's This?]
Today, you are likely to spend a great deal of time at a going out of business sale looking to buy either a birthday gift for your mother or a weathervane with a horse on top. Be on the lookout for door-to-door salesmen.
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This isn't me! What am I?
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The earliest known use of paper currency was about 1270 in China during the rule of Kubla Khan.
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"It is not the mountain we conquer, but ourselves. " -- Sir Edmund Hillary, Explorer
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ACH
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