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AD-AS MODEL: An economic model relating the price level and real production that is used to analyze business cycles, gross domestic product, unemployment, inflation, stabilization policies, and related macroeconomic phenomena. The AS-AD model, inspired by the standard market model, captures the interaction between aggregate demand (the buyers) and short-run and long-run aggregate supply (the sellers).

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SIXTH RULE OF IGNORANCE

The sixth of seven basic rules of the economy, stating that obtaining information is a costly activity that requires resources with alternative uses. As such, no one knows everything and everyone is ignorant about something.

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APLS

PURPLE SMARPHIN
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Today, you are likely to spend a great deal of time flipping through the yellow pages hoping to buy either a how-to book on fixing your computer, with illustrations or several magazines on computer software. Be on the lookout for crowded shopping malls.
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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.
"Success is the child of audacity. "

-- Benjamin Disraeli, British statesman

WLLN
Weak Law of Large Numbers
A PEDestrian's Guide
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