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LOCAL OUTPUT: An output that has a relatively small geographic market area due to the high cost of transportation. The high transportation cost means it is easier (that is, less expensive) to locate consumers near the output rather than trying to bring the output to the consumers. Like many things, local outputs are a matter of degree. At the other end of the spectrum lies transferrable outputs. Services, such as legal advice, health care, and entertainment, that are consumed as they are produced, tend to have a great deal of local orientation.
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INVESTMENT, PRODUCTION POSSIBILITIES Investment typically refers to the purchase of productive capital by business in anticipation of increasing production and (presumably) generating more profit. More generally, investment can be considered as sacrificing the current satisfaction of wants and needs (consumption goods) to expand productive capability (capital goods). Production possibilities analysis can be used to illustrate the tradeoff between consumption and capital as a movement along a production possibilities curve.
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BLACK DISMALAPOD
[What's This?]
Today, you are likely to spend a great deal of time browsing through a long list of dot com websites seeking to buy either hand lotion, a big bottle of hand lotion or a lighted magnifying glass. Be on the lookout for small children selling products door-to-door.
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This isn't me! What am I?
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Al Capone's business card said he was a used furniture dealer.
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"Sometimes our light goes out, but is blown into flame by another human being. Each of us owes deepest thanks to those who have rekindled this light. " -- Albert Schweitzer, missionary physician
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LPG
Liquid Petroleum Gas
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