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GROWTH RATE OF PRODUCTION: The percentage change in (usually real) gross domestic product from one year to the next. This is used to indicate the degree of progress or economic growth of an economy.

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ABSTRACTION

Simplifying the complexities of the real world by ignoring (hopefully) unimportant details while doing economic analysis. Abstraction is an essential feature of the scientific method. Hypothesis verification, model construction, and comparative static analysis are not possible without abstraction.

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APLS

BEIGE MUNDORTLE
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Today, you are likely to spend a great deal of time at a going out of business sale seeking to buy either a small, foam rubber football or an instructional DVD on learning to the play the oboe. Be on the lookout for spoiled cheese hiding under your bed hatching conspiracies against humanity.
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There were no banks in colonial America before the U.S. Revolutionary War. Anyone seeking a loan did so from another individual.
"The truth of the matter is that you always know the right thing to do. The hard part is doing it."

-- Norman Schwarzkopf, US Army general

CCAPM
Consumption-Based Capital Asset Pricing Model
A PEDestrian's Guide
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