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LEGAL CLAIMS: Ownership of the physical goods, services, and resources that make up the real side of the economy. Legal claims are a key feature of the paper, or financial side of the economy. Transferring legal claims is the primary method of diverting income from household saving to investment and government borrowing. Legal-claim buyers loan income and legal-claim sellers borrower income.

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RESOURCES

Labor, capital, land, and entrepreneurship used by society to produce consumer satisfying goods and services. Resources are often given the more descriptive term factors of production.

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WHITE GULLIBON
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Today, you are likely to spend a great deal of time driving to a factory outlet looking to buy either a case of blank recordable DVDs or a pair of red goulashes with shiny buckles. Be on the lookout for deranged pelicans.
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Okun's Law posits that the unemployment rate increases by 1% for every 2% gap between real GDP and full-employment real GDP.
"To understand a man, you must know his memories. The same is true of a nation."

-- Anthony Quayle, Actor

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