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NOMINAL PRODUCTION: The market value of all production measured in current, actual prices. Nominal production is typically measured with nominal GDP.

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NORMAL PROFIT

The opportunity cost of using entrepreneurial abilities in the production of a good, or the profit that could be received by entrepreneurship in another business venture. Like the opportunity costs of other resources, normal profit is deducted from revenue to determine economic profit. It is, however, never included as an accounting cost when accounting profit is computed.

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APLS

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Today, you are likely to spend a great deal of time strolling through a department store looking to buy either a brown leather attache case or car battery jumper cables. Be on the lookout for door-to-door salesmen.
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A lump of pure gold the size of a matchbox can be flattened into a sheet the size of a tennis court!
"The greatest barrier to success is the fear of failure."

-- Sven Goran Eriksson, writer

JPE
Journal of Political Economy
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