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SEVEN RULES: Seven key economic principles underlying the study of economics and the operation of the economy. These seven rules are: first -- scarcity, second -- subjectivity, third -- inequality, fourth -- competition, fifth -- imperfection, sixth -- ignorance, and seventh -- complexity.

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TAX INCIDENCE

The portion of a tax paid by each side of a market based on differences in the pre-tax equilibrium price and the after-tax demand price and supply price. Because a tax drives a wedge between demand price and supply price, the incidence or burden of a tax typically falls on both buyers and sellers. How much each side pays depends on the relative price elasticity of demand and supply. Buyers pay the entire tax only in the case of a perfectly elastic supply or perfectly inelastic demand. Sellers pay the entire tax only in the case of a perfectly elastic demand or perfectly inelastic supply.

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APLS

BLUE PLACIDOLA
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Today, you are likely to spend a great deal of time waiting for visits from door-to-door solicitors wanting to buy either yellow cotton balls or a set of steel-belted radial snow tires. Be on the lookout for the happiest person in the room.
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The earliest known use of paper currency was about 1270 in China during the rule of Kubla Khan.
"When you play, play hard; when you work, don't play at all. "

-- Theodore Roosevelt, 26th US president

EGARCH
Exponential Generalized Autoregressive Conditional Heteroskedasticity
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