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ARBITRAGE: Buying something in one market then immediately (or as soon as possible) selling it in another market for (hopefully) a higher price. Arbitrage is a common practice in financial markets. For example, an aspiring financial tycoon might buy a million dollars worth of Japanese yen in the Tokyo foreign exchange market then resell it immediately in the New York foreign exchange market for more than a million dollars. Arbitrage of this sort does two things. First, it often makes arbitragers wealthy. Second, it reduces or eliminates price differences that exist between two markets for the same good.

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ECONOMY

The system of production, distribution, and consumption of goods and services that a society uses to address the problem of scarcity.

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WHITE GULLIBON
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Today, you are likely to spend a great deal of time wandering around the shopping mall looking to buy either a pair of designer sunglasses or looseleaf notebook paper. Be on the lookout for jovial bank tellers.
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A thousand years before metal coins were developed, clay tablet "checks" were used as money by the Babylonians.
"There's a very positive relationship between people's ability to accomplish any task and the time they're willing to spend on it."

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Marginal Rate of Substitution
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