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MARKET-BASED ECONOMY: A mixed economy that relies heavily on markets to answer the three basic questions of allocation, but with a modest amount of government involvement. While it is commonly termed capitalism, market-oriented economy is much more descriptive of how the economy is structure.

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EMPIRICAL

Based on or relating to the collection or analysis of real world data. The term empirical is commonly used as a modifier to provide contrast with theoretical. Whereas theoretical refers to abstract representations, empirical indicates actual real world observations.

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Today, you are likely to spend a great deal of time flipping through the yellow pages trying to buy either a pair of gray heavy duty boot socks or a 50-foot blue garden hose. Be on the lookout for letters from the Internal Revenue Service.
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A U.S. dime has 118 groves around its edge, one fewer than a U.S. quarter.
"A leader is most successful when people barely know he exists. When his work is done, his aim fulfilled, his troops will feel they did it themselves. "

-- Lao-Tzu, philosopher

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