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HISTORICAL COST: An accounting principle stating that expenses are recorded in terms of original or acquisition cost. Such a practice does not necessarily indicate the opportunity cost or current market value.

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FREE GOOD

A good that provides satisfaction of wants and needs without imposing an opportunity cost on society by preventing the production or consumption of other consumer-satisfying goods or services. Production using free goods is generally undertaken using free resources.

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APLS

GRAY SKITTERY
[What's This?]

Today, you are likely to spend a great deal of time at an auction hoping to buy either a lighted magnifying glass or a small, foam rubber football. Be on the lookout for small children selling products door-to-door.
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In the Middle Ages, pepper was used for bartering, and it was often more valuable and stable in value than gold.
"Success without honor is an unseasoned dish; it will satisfy your hunger, but it won't taste good. "

-- Joe Paterno, Football coach

LRAS
Long Run Aggregate Supply
A PEDestrian's Guide
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