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EMPIRICAL: Based on or relating to real world data or analysis. Empirical should be contrasted with the theoretical. Whereas theoretical refers to abstract representations, empirical is actual real world observations. Empirical observation is critical to the scientific method. Once an hypothesis implied by a theory, empirical observation is key to the verification process.
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SUBSTITUTE-IN-PRODUCTION One of two (or more) goods that use the same resource for production in an exclusionary manner. A substitute-in-production is one of two alternatives falling within the other prices determinant of supply. The other is a complement-in-production. An increase in the price of one substitute good causes a decrease in supply for the other.
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GRAY SKITTERY
[What's This?]
Today, you are likely to spend a great deal of time watching infomercials wanting to buy either storage boxes for your income tax returns or an AC adapter for your CD player. Be on the lookout for empty parking spaces that appear to be near the entrance to a store.
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This isn't me! What am I?
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The Dow Jones family of stock market price indexes began with a simple average of 11 stock prices in 1884.
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"If you worried about falling off the bike, you'd never get on. " -- Lance Armstrong, bicycle racer
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R&D
Research and Development
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