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ABSOLUTE ADVANTAGE: The general ability to produced more goods using fewer resources. This idea of absolute advantage is important for trading that occurs between both people and nations. A nation can get an absolute advantage from an advanced level of technology or higher quality resources. For a person, an absolute advantage can result from natural abilities or the acquisition of human capital (education, training, or experience).
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GRAY SKITTERY
Your compete MICRO*scope for today
You are the type of person who wants nothing more than to hit the "pause button" on your hectic life, just for a few moments, just so you can catch your breath, just a moment or two of tranquility, just so you can sort out the options. Family and friends remove all caffeinated drinks and food products from their homes when you come to visit. Today, you are likely to spend a great deal of time at a garage sale trying to buy either an instructional DVD on learning to the play the oboe or a small, foam rubber football. Be on the lookout for the last item on a shelf. You should consider shopping at stores or businesses beginning with the letter H, but do not buy any products with a serial number or product code containing the number 785472. Your preferred shopping venue is mail order catalogs. Your special symbol is the question mark (?).
Is this You?
As a Gray Skittery, you are ambivalent, indecisive, and uncertain. You are in a constant struggle between the forces of demand and supply, production and consumption, good and evil... and you're losing the battle. You have trouble making decisions and choosing from among the seemingly infinite number of options that you perpetually face. Your shopping experiences are inevitably confusing.
This isn't me! What am I?
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AUTONOMOUS INVESTMENT Business investment expenditures that do not depend on income or production (especially national income or even gross domestic product). That is, changes in income do not generate changes in investment. Autonomous investment is best thought of as investment that the business sector undertakes regardless of the state of the economy. It is measured by the intercept term of the investment line. The alternative to autonomous investment is induced investment, which does depend on income.
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Fact 6: Our Unknown EconomyDr. Nova Cain, DDS, has her office in the mini-mall just north of city hall. You know the sort of mini-mall. It has a branch of Interstate OmniBank, Smilin' Ted's All-Comers Insurance Agency, an auto parts store, a branch of the public library, and four chiropractors. Dr. Cain's location near the Shady Valley City Hall is most fortunate. One of my back molars is beginning to shoot sharp pains through my eyeball, into my brain, and out the back of my head. I've been meaning to stop by for a cleaning and check up, but, well, the thought of sharp needles and high-speed drills grinding away large portions of my teeth convinced me that other activities were more important. Now, however, just as we're trying to trek through the complexities of the economy, that back molar has decided to throb incessantly. It's best if I stop in and let the kind and (hopefully) gentle Dr. Cain check it out. Guess what? ROOT CANAL!
Tell me more...
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Ragnar Frisch and Jan Tinbergen were the 1st Nobel Prize winners in Economics in 1969.
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"Are you bored with life? Then throw yourself into some work you believe in with all your heart. Live for it, die for it, and you will find happiness that you had thought could never be yours. " -- Dale Carnegie, writer
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BST Bulk Supply Tariff
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