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HIERARCHY OF NEEDS: Developed by Abraham Maslow, the notion that people are motivated to satisfy basic physiological needs (food, shelter, etc.) before moving on to satisfying higher psychological needs (security, companionship, etc.). These alternative needs are layered in a hierarchial pattern with physiological needs on the bottom, safety needs on the second layer, belonging needs on the third layer, esteem needs on the fourth layer, and self-actualization needs at the top. This hierarchy of needs has been used to help explain the progress of human societies from agrarian to manufacturing to service to information.

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PARADOX OF THRIFT

The notion that an increase in saving, which is generally good advice for an individual during bad economic times, can actually worsen the macroeconomy causing a reduction in aggregate income, production, and paradoxically a decrease in saving. The paradox of thrift is an example of the fallacy of composition stating that what is true for the part is not necessarily true for the whole.

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GRAY SKITTERY
[What's This?]

Today, you are likely to spend a great deal of time watching the shopping channel looking to buy either a rechargeable flashlight or storage boxes for your computer software CDs. Be on the lookout for high interest rates.
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Ragnar Frisch and Jan Tinbergen were the 1st Nobel Prize winners in Economics in 1969.
"It had long since come to my attention that people of accomplishment rarely sat back and let things happen to them. They went out and happened to things. "

-- Elinor Smith, aviator

MU
Marginal Utility
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