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UTILITARIANISM: A philosophical view that the value or worth of an action depends on the amount of pleasure it generates or the amount of pain it prevents, or in economic terms, the amount of utility generated. Utilitarianism, although dating back to the early Greek philosophers, is largely attributable to the work of Jeremy Bentham and John Stuart Mill. This philosophy played a major role in the development of modern consumer demand theory and utility analysis.
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ENTREPRENEURSHIP A special sort of human effort that takes on the risk of bringing labor, capital, and land together and organizing production. This is one of four basic categories of resources, or factors of production. The other three are labor, capital, and land.
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WHITE GULLIBON
[What's This?]
Today, you are likely to spend a great deal of time at a dollar discount store hoping to buy either software that won't crash your computer or any book written by Stephan King. Be on the lookout for rusty deck screws.
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This isn't me! What am I?
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John Maynard Keynes was born the same year Karl Marx died.
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"We work to become, not to acquire. " -- Elbert Hubbard, editor
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LRAC
Long Run Average Cost
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