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ECONOMIC COMMISSION FOR LATIN AMERICA: The Economic Commission for Latin America (ECLA) -the Spanish acronym is CEPAL- was established in 1948. ECLAC, which is headquartered in Santiago, Chile, is one of the five regional commissions of the United Nations. It was founded for the purposes of contributing to the economic development of Latin America, coordinating actions directed towards this end, and reinforcing economic relationships among the countries and with the other nations of the world. The promotion of the region's social development was later included among its primary objectives. The 33 countries of Latin America and the Caribbean are member States of ECLAC, together with several North American and European nations that have historical, economic and cultural ties with the region.
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SHORTAGE A condition in the market in which the quantity demanded is greater than the quantity supplied at the existing price. Because buyers are unable to buy as much of the good as they want, a shortage generally causes an increase in the market price, which then acts to restore equilibrium. A shortage, which also goes by the terms excess demand and sellers' market, is one of two basic states of disequilibrium for the market. The other is surplus.
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PURPLE SMARPHIN
[What's This?]
Today, you are likely to spend a great deal of time looking for a downtown retail store looking to buy either storage boxes for your summer clothes or 500 feet of coaxial cable. Be on the lookout for crowded shopping malls.
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Two and a half gallons of oil are needed to produce one automobile tire.
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"As is our confidence, so is our capacity. " -- William Hazlitt, essayist
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WLLN
Weak Law of Large Numbers
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