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SCARCE GOOD: A resource with an available quantity less than its desired use. Scarce resources are also called factors of production. Scarce goods are also termed economic goods. Scarce resources are used to produce scarce goods. Like the more general society-wide condition of scarcity, a given resource is scarce because it has a limited availability in combination with a greater (potentially unlimited) productive use. It's both of these that make it scarce. In other words, even though an item is quite limited it will not be a scarce resource if it has few if any uses (think pocket lint and free good).
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AUTONOMOUS EXPORTS Exports to the foreign sector that do not depend on domestic income or production (especially national income or gross domestic product). Exports depend on foreign income or production, but not on domestic income or production. While other expenditures have both autonomous and induced components, exports are exclusively autonomous. Autonomous exports are a key part of the autonomous part of net exports. Induced net exports are due to induced imports.
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GRAY SKITTERY
[What's This?]
Today, you are likely to spend a great deal of time at an auction hoping to buy either a birthday greeting card for your grandmother or a coffee cup commemorating yesterday. Be on the lookout for malfunctioning pocket calculators.
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This isn't me! What am I?
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Al Capone's business card said he was a used furniture dealer.
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"We must be willing to let go of the life we have planned, so as to have the life that is waiting for us. " -- E. M. Forster, writer
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Exports;Marks the Spot
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