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INCREASING OPPORTUNITY COST: The proposition that opportunity cost, the value of foregone production, increases as more of a good is produced. This 'law' is most important to the slope of the production possibilities curve. It generates the convex shape of the curve, making the curve flat at the top and steep at the bottom.

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MARKET

The organized exchange of commodities (goods, services, or resources) between buyers and sellers within a specific geographic area and during a given period of time. Markets are the exchange between buyers who want a good (the demand-side of the market) and the sellers who have it (the supply-side of the market).

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Today, you are likely to spend a great deal of time searching the newspaper want ads looking to buy either a three-hole paper punch or decorative picture frames. Be on the lookout for cardboard boxes.
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In the early 1900s around 300 automobile companies operated in the United States.
"Progress always involves risk. You can't steal second base and keep your foot on first. "

-- Frederick B. Wilcox

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Association of Accounting Technicians
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