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LAW OF SUPPLY: The direct relationship between supply price and the quantity supplied, ceteris paribus. This fundamental economic principle indicates that as the price of a commodity increases, then the quantity of the commodity that sellers are able and willing to sell in a given period of time, if other factors are held constant, also increases. This law, while not quite as iron-clad as the law of demand, is quite important to the study of markets.

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SLOPE, PRODUCTION POSSIBILITIES CURVE

The numerical value of the slope of the production possibilities curve, which illustrates the alternative combinations of two goods that an economy can produce with given resources and technology, is the opportunity cost of producing the good measured on the horizontal axis.

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Today, you are likely to spend a great deal of time searching for rummage sales looking to buy either high-gloss photo paper that works with your printer or a desktop calendar with all federal and state holidays highlighted. Be on the lookout for strangers with large satchels of used undergarments.
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The standard "debt" notation I.O.U. does not mean "I owe you," but actually stands for "I owe unto..."
"Perhaps the most valuable result of all education is the ability to make yourself do the thing you have to do, when it ought to be done, whether you like it or not; it is the first lesson that ought to be learned; and however early a man's training begins, it is probably the last lesson that he learns thoroughly. "

-- Thomas H. Huxley, Scientist

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