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GEOGRAPHIC MOBILITY: The mobility, or movement, of factors of production from a productive activity in one location to a productive activity in another location. In particular, geographic mobility is the ease with which resources can change locations. For example, a worker leaves a job in one city and takes a job in another city. Some factors are highly mobile and thus are easily moved between cities, states, and even countries. Other factors are highly immobile and not easily relocated. You might want to compare geographic mobility with occupation mobility, the movement of factors from one type of productive activity to another type of productive activity.
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ACCOUNTING COST An actual outlay or expenses incurred in the production of a good that shows up in a firm's accounting statements and records. Accounting cost is an explicit payment (that is, money changing hands) incurred by a firm. Accounting cost, while very important to accountants, company CEOs, shareholders, and the Internal Revenue Service, is only minimally important to economists. The reason is that economists are more interested in economic cost (also called opportunity cost), which is the value of foregone production.
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WHITE GULLIBON
[What's This?]
Today, you are likely to spend a great deal of time watching the shopping channel wanting to buy either a stretchable, flexible watch band or high-gloss photo paper that works with your printer. Be on the lookout for pencil sharpeners with an attitude.
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This isn't me! What am I?
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The 22.6% decline in stock prices on October 19, 1987 was larger than the infamous 12.8% decline on October 29, 1929.
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"I have no expectation of making a hit every time I come to bat. What I seek is the highest possible batting average." -- President Franklin Delano Roosevelt
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FAMS
Forecasting and Modeling System
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