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JOINT PRODUCT: One of two goods that are produced jointly using the same resource--that is, the production of one good automatically triggers the production of the other. Also termed by-products or complements-in-production, a noted example is the production of two goods--beef and leather--from one resource--cattle. Another joint product example is lumber and sawdust--both produced from a single tree.
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CONSUMER SOVEREIGNTY The notion that consumers ultimately determine what goods and services are produced and how the economy's limited resources are used based on the purchases they make. Consumers thus reign over the economy as sovereign rulers.
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PURPLE SMARPHIN
[What's This?]
Today, you are likely to spend a great deal of time visiting every yard sale in a 30-mile radius seeking to buy either a remote controlled ceiling fan or a how-to book on home decorating. Be on the lookout for vindictive digital clocks with revenge on their minds.
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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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"The roots of education are bitter, but the fruit is sweet." -- Aristotle
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AEC
Annual Equivalent Costs
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