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GROSS DOMESTIC PRODUCT, WELFARE: Gross domestic product (GDP) is the total market value of all goods and services produced within the political boundaries of an economy during a given period of time, usually one year. GDP is intended to measure the nation's production of wants-and-needs satisfying goods and services. While it provides an indication of how far the economy has come on the long road to battling the ever-present scarcity problem, it is NOT a direct measure of the nation's welfare or well-being. GDP is certainly a big component of the well-being of the country, but not the ONLY component.

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ABSOLUTE ADVANTAGE

The general ability to produce more goods or services using fewer resources. A person or country has an absolute advantage in production largely due to superior technology or greater technical efficiency. A related, but contrasting concept is comparative advantage. Both terms are perhaps most important to the study of international trade, but also provide insight into other exchanges.

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RED AGGRESSERINE
[What's This?]

Today, you are likely to spend a great deal of time searching for rummage sales looking to buy either a flower arrangement with daisies and carnations for your uncle or a coffee cup commemorating next Thursday. Be on the lookout for fairy dust that tastes like salt.
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This isn't me! What am I?

Parker Brothers, the folks who produce the Monopoly board game, prints more Monopoly money each year than real currency printed by the U.S. government.
"The roots of education are bitter, but the fruit is sweet."

-- Aristotle, Greek philosopher

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Preferential Trade Agreement
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