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TECHNOLOGY: The sum total of knowledge and information that society has acquired concerning the use of resources to produce goods and services. This technology often takes the form of scientific knowledge (the best combination of chemicals to make a long-lasting floor wax), but can also be plain old common sense (irrigate during a drought, not during a flood). Whether scientific or not, technology affects the technical efficiency with which resources are combined in production. An improvement in technology is thus an increase in the technical efficiency of production--more output with given inputs or fewer inputs for a given output. Technology is often embodied in capital goods. Bigger, better, faster, and less expensive computers are the result of advances in silicon chip technology. However, technology is also embodied in labor as human capital.
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RESOURCE ALLOCATION The process of distributing resources for the production of goods and services which are then distributed for the satisfaction of wants and needs and human consumption. This is also commonly referred to by the single word "allocation." The resource allocation process is an essential part of an economy's effort to address the problem of scarcity
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RED AGGRESSERINE
[What's This?]
Today, you are likely to spend a great deal of time surfing the Internet seeking to buy either a how-to book on fixing your computer, with illustrations or several magazines on computer software. Be on the lookout for defective microphones.
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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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"If anything terrifies me, I must try to conquer it. " -- Francis Charles Chichester, yachtsman, aviator
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IBB
International Bank Bonds
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