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LAW OF DEMAND: The inverse relationship between demand price and the quantity demanded, ceteris paribus. This fundamental economic principle indicates that as the price of a commodity decreases, then the quantity of the commodity that buyers are able and willing to purchase in a given period of time, if other factors are held constant, increases. This law is incredibly important to the study of economics. If you compiled a top ten list of economically important laws, the law of demand would be right there at the top.

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BUSINESS CYCLE PHASES

The recurring, but irregular, pattern of business cycles can be divided into two basic phases--expansion and contraction. An expansion is a period of increasing economic activity and a contraction is a period of declining economic activity. These two phases are marked by two transitions. The transition from expansion to contraction is termed a peak and the transition from contraction to expansion is termed a trough. The early portion of an expansion is often referred to as a recovery.

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YELLOW CHIPPEROON
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Today, you are likely to spend a great deal of time strolling around a discount warehouse buying club seeking to buy either a package of blank rewritable CDs or yellow cotton balls. Be on the lookout for poorly written technical manuals.
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Woodrow Wilson's portrait adorned the $100,000 bill that was removed from circulation in 1929. Woodrow Wilson was removed from circulation in 1924.
"We succeed in enterprises (that) demand the positive qualities we possess, but we excel in those (that) can also make use of our defects."

-- Alexis de Tocqueville, Statesman

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