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NET INCOME: A common term for profit, as the difference between total revenue and total cost. When used in the real world of business wheeling and dealing, this notion of net income general refers to accounting profit rather than economic profit. The "net" aspect of net income indicates that some (that something being cost) is deducted from total or "gross" income. Other common terms used in this same context are net revenue and net earnings.

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UNEMPLOYMENT PROBLEMS

The two key problems resulting from unemployment of resources, especially the unemployment of labor, are personal hardships and lost production. The owners of the unemployed resources suffer personal hardships due to the lack of income. The rest of society also suffers from unemployment due to the lack of available production.

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APLS

BEIGE MUNDORTLE
[What's This?]

Today, you are likely to spend a great deal of time calling an endless list of 800 numbers hoping to buy either a combination CD player, clock radio, and telephone (with answering machine) or a revolving spice rack. Be on the lookout for the last item on a shelf.
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In the Middle Ages, pepper was used for bartering, and it was often more valuable and stable in value than gold.
"Progress begins with the belief that what is necessary is possible. "

-- Norman Cousins, editor, writer

JLE
Journal of Law and Economics
A PEDestrian's Guide
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