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YIELD CURVE: A curve plotting the yields (or returns) on securities with different maturity lengths. The standard yield is for U.S. Treasury securities with lengths ranging from 90 days to 30 years. The five maturity lengths are usually 90 day, 180 day, 2 year, 5 year, 10 year, and 30 year. The shape and slope fo the yield curve indicates the state of the economy and what's likely to come. A normal yield curve has a slight positive slope, with slightly higher yields for longer maturity securities. A steep yield curve suggests the end of a contraction and beginning of an expansion. An inverted, or negatively sloped yield curve is the sign of an upcoming contraction.

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ECONOMIC EFFICIENCY

Obtaining the most consumer satisfaction from available resources. In other words, resources are allocated in such a way that consumer satisfaction is at its highest possible level. This is also termed either efficiency or allocative efficiency.

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ORANGE REBELOON
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Today, you are likely to spend a great deal of time at a garage sale trying to buy either storage boxes for your winter clothes or several magazines on time travel. Be on the lookout for jovial bank tellers.
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Ragnar Frisch and Jan Tinbergen were the 1st Nobel Prize winners in Economics in 1969.
"Nothing will ever be attempted if all possible objections must first be overcome. "

-- Samuel Johnson, essayist, critic, lexicographer

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Journal of Economic Literature
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