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CHAEBOL: A form of business structure common in South Korean which involves an alliance of businesses, each working toward the mutual success of the group. The alliance also has close ties to government. This is comparable to the keiretsu, which is common in Japan. Each "independent" business owns stock in the others and shares executives and directors.

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MARKET EFFICIENCY

The notion that a competitive market automatically achieves an efficient allocation of resources by equating demand price with supply price and quantity demanded with quantity supplied. Market efficiency relies on the self-correction process that eliminates shortages or surpluses. It also presumes that the market is competitive and is not subject to market failures.

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Today, you are likely to spend a great deal of time at a garage sale trying to buy either storage boxes for your winter clothes or several magazines on time travel. Be on the lookout for jovial bank tellers.
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Ragnar Frisch and Jan Tinbergen were the 1st Nobel Prize winners in Economics in 1969.
"Nothing will ever be attempted if all possible objections must first be overcome. "

-- Samuel Johnson, essayist, critic, lexicographer

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