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SHORTAGE: A condition in the market in which the quantity demanded is greater than the quantity supplied at the existing price. A shortage occasionally goes by the terms excess demand and sellers' market. A shortage causes an increase in the equilibrium price.
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PRODUCTION POSSIBILITIES SCHEDULE A table of numbers that illustrates the production possibilities of an economy--the alternative combinations of two goods that an economy can produce with given resources and technology. A production possibilities schedule illustrates that the economy must give up the production of one good to produce another good--the basic economic notion of opportunity cost. A production possibilities schedule is also used to derive the highly useful production possibilities curve (or frontier).
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ORANGE REBELOON [What's This?]
Today, you are likely to spend a great deal of time lost in your local discount super center wanting to buy either a coffee table shaped like the state of Florida or storage boxes for your summer clothes. Be on the lookout for attractive cable television service repair people. Your Complete Scope
This isn't me! What am I?
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A lump of pure gold the size of a matchbox can be flattened into a sheet the size of a tennis court!
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"Do you want to be safe and good, or do you want to take a chance and be great?" -- Jimmy Johnson, Football Coach
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ADV PMT Advance Payment
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