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WIDGET: A fictitious good commonly used by economic instructors to demonstrate economic principles or undertake hypothetical analyses. For example, the analysis of short-run production for a firm might be demonstrated through the production of widgets. Alternatively, the law of demand might be illustrated with a table or curve comparing the price of widgets with the quantity demanded of widgets. If such a good exists, and there is no clear evidence that widgets have every existed, it is a small mechanical device, constructed of interlocking cogs, several knobs, and at least one handle. Widgets are most often used when thingamajigs and dohickies are unavailable.
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TRANSFER PAYMENTS Payments made without any corresponding production or expectations of production. Unless otherwise noted (such as business transfer payments), the term transfer payments generally refers to payments by the government sector to the household sector. The three most important transfer payments are for Social Security, unemployment compensation, and welfare. The intent of these transfers payments is to redistribute income, and thus the goods and services that can be purchased with the income. Transfer payments surface as income received but not earned (IRBNE) that is added to national income to derived personal income.
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BEIGE MUNDORTLE
[What's This?]
Today, you are likely to spend a great deal of time going from convenience store to convenience store seeking to buy either a rechargeable flashlight or storage boxes for your computer software CDs. Be on the lookout for cardboard boxes.
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This isn't me! What am I?
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The standard "debt" notation I.O.U. does not mean "I owe you," but actually stands for "I owe unto..."
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"If a man hasn't discovered something that he will die for, he isn't fit to live. " -- Martin Luther King Jr., clergyman
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AVT
Ad Valorem Taxes
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