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January 1, 2026 

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KNOWLEDGE ECONOMY: The notion that economic activity is oriented on the production and consumption of knowledge (or information), which is fundamentally different from economic activity oriented on the production and consumption of manufacturing or agricultural goods. The key to the knowledge economy is the widespread use of computers, the Internet, and other information-based technology. Differences in the knowledge economy result for the public goods nature of knowledge and information (that is, use by one does not exclude use by another).

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AVERAGE TOTAL COST

Total cost per unit of output, found by dividing total cost by the quantity of output. When compared with price (per unit revenue), average total cost (ATC) indicates the per unit profitability of a profit-maximizing firm. Average total cost is one of three average cost concepts important to short-run production analysis. The other two are average fixed cost and average variable cost. A related concept is marginal cost.

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APLS

PURPLE SMARPHIN
[What's This?]

Today, you are likely to spend a great deal of time at a garage sale hoping to buy either a wall poster commemorating yesterday or pink cotton balls. Be on the lookout for deranged pelicans.
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This isn't me! What am I?

The portrait on the quarter is a more accurate likeness of George Washington than that on the dollar bill.
"To succeed you need to find something to hold on to, something to motivate you, something to inspire you."

-- Tony Dorsett, Football player

WACM
Weak Axiom of Cost Minimization
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