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GROSS NATIONAL PRODUCT: The total market value of all goods and services produced by the citizens of an economy during a given period of time, usually one year. Gross national product, often abbreviated simply as GNP, was once the federal government's official measure of how much output our economy produces. In the early 1990s, however, it was replaced by gross domestic product (GDP).
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THIRD RULE OF INEQUALITY The third of seven basic rules of the economy, stating that resources, income, and wealth are not equally distributed. Some people have more resources, income, and wealth and some people have less. Such inequality is due to natural abilities, acquired talents, market control, political power, and sheer luck.
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Gambling On A State LOTTERYYou might recall during our discussion of gambling in the entry appropriately titled gambling, that I purchased $5 worth of Super Luck-O Multi-State Lottery tickets at the Master's Sprocket convenience store. Well, the day of the big drawing came and went. I was about as close to winning as the planet Pluto is to buying a Hot Mamma Fudge Bananarama Ice Cream Sundae on a cold winter morning. At least the five dollars I paid for lottery tickets goes to a good cause. The state uses a share of the proceeds for education, and that keeps my taxes lower. If you'll excuse me for a moment, I've got another ten bucks in my pocket screaming for the chance to by some more Super Luck-O Multi-State Lottery tickets. While I'm doing that, why don't you see if this is a wise consumption move on my part.
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ORANGE REBELOON
[What's This?]
Today, you are likely to spend a great deal of time at the confiscated property police auction looking to buy either a case for your designer sunglasses or arch supports for your shoes. Be on the lookout for florescent light bulbs that hum folk songs from the sixties.
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This isn't me! What am I?
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Potato chips were invented in 1853 by a irritated chef repeatedly seeking to appease the hard to please Cornelius Vanderbilt who demanded french fried potatoes that were thinner and crisper than normal.
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"Do not wait; the time will never be just right " -- Napoleon Hill, author
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AEA
American Economic Association
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