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EQUATION OF EXCHANGE: An equation that specifies the relation between the money supply, the velocity of money, the price level, and real production. The equation is stated as M*V = P*Q, where M is the money supply, V is the velocity, P is the price level, and Q is real production. This equation is a key component of the quantity theory of money, which offers an explanation between the money supply and inflation.
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PATERNALISM A fundamental philosophical viewpoint that the private sector (households and businesses) needs to be closely supervised by the public sector (government). In other words, members of society need to be watched over, cared for, and kept out of trouble, like parents watch over, care for, and keep their children out of trouble.
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YELLOW CHIPPEROON
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Today, you are likely to spend a great deal of time browsing through a long list of dot com websites seeking to buy either a cell phone case or a pair of designer sunglasses. Be on the lookout for florescent light bulbs that hum folk songs from the sixties.
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Lombard Street is London's equivalent of New York's Wall Street.
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"A professional is a man who can do his best at a time when he doesnžt particularly feel like it. " -- Alistair Cooke, broadcaster
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IBT
Indirect Business Taxes
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