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FISCAL YEAR: The 12-month period government uses for collecting taxes, appropriating spending, and otherwise tabulating its budget. A government's fiscal year need not be identical to the standard January to December calendar year. The fiscal year used by the U.S. Federal government, for example, runs from October through September. State and local governments often have fiscal years running from July through June. For most governments, the fiscal year is self-contained spending period. The revenue appropriated to a government agency needs to be spent during the fiscal year.
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COMPETITION In general, the actions of two or more rivals in pursuit of the same objective. In an economic context, the specific objective pursued is usually either selling goods to buyers or buying goods from sellers.
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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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"Most human beings have an almost infinite capacity for taking things for granted. " -- Aldous Huxley, writer
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PPP
Purchasing Power Parity
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