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February 25, 2026 

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OPEN ECONOMY: An economy with a great deal of foreign trade. At the extreme, a completely open economy is one that has no trade barriers. Most of the world's hundred-plus nations are relatively open, but much less than they could be because of a wide assortment of trade restrictions. The more an economy is open, the more dependent it is on happenings around the world.

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SCARCE

A condition in which a given good or resource is limited relative to its desired uses. This is a special condition of the general condition of scarcity. A scarce good or resource is typically exchanged through markets and carries a positive price.

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APLS

BROWN PRAGMATOX
[What's This?]

Today, you are likely to spend a great deal of time driving to a factory outlet looking to buy either a wall poster commemorating yesterday or pink cotton balls. Be on the lookout for jovial bank tellers.
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Parker Brothers, the folks who produce the Monopoly board game, prints more Monopoly money each year than real currency printed by the U.S. government.
"Success without honor is an unseasoned dish; it will satisfy your hunger, but it won't taste good. "

-- Joe Paterno, Football coach

MPP
Marginal Physical Product
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