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RISK: The possibility of gain or loss. Risk the calculated probability of different events happening, is usually contrasted with uncertainty the possibility that any number of things could happen. For example, uncertainty is the possibility that you could win or lose $100 on the flip of a coin. You don't know which will happen, it could go either way. Risk, in contrast, is the 50 percent chance of winning $100 and the 50 percent chance of losing $100 on the flip of the coin. You know (or think you know) that your probability of winning or losing is 50 percent because the coin has a 50 percent chance of coming up either heads or tails.

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SECOND RULE OF SUBJECTIVITY

The second of seven basic rules of the economy, stating that market prices are determined by subjective values and the preferences of buyers and resource owners. Contrary to popular opinion, prices and costs are not immutably facts of nature, but are ultimately based on what people are willing to pay or accept.

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BROWN PRAGMATOX
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Today, you are likely to spend a great deal of time at an auction trying to buy either a lighted magnifying glass or a small, foam rubber football. Be on the lookout for the last item on a shelf.
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Approximately three-fourths of the U.S. paper currency in circular contains traces of cocaine.
"Nothing so conclusively proves a man's ability to lead others as what he does from day to day to lead himself."

-- Thomas J. Watson, IBM founder

CPI-U
Consumer Price Index-All Urban Consumers
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