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ZERO COUPON BOND: Also termed a zero bond, a bond that does not pay interest, in which the return is generated by the difference between the purchase price and the face value paid at maturity. Because they do not pay interest, zero coupon bonds are sold at a discount. For example, a $10,000 zero coupon bond that matures in one year, would generate a 10% return if it sold at a discount of $9,000.

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Lesson 2: Economic Science | Unit 2: Theory Page: 8 of 20

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  • That the best scientific theory is one that offers a universal explanation of the real world.
  • How scientific theories are comprised of verified principles and unverified axioms or beliefs that constitute a world view.
  • That the world view of many theories is also intertwined with a political philosophy.
  • The inherent need for abstraction in the development of scientific theories.
  • Three common forms of abstraction--words, graphs, and equations.
  • An introduction of three economic theories--markets, aggregate markets, and Keynesian economics.

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OVEREMPLOYMENT

The condition in which resources are more actively engaged in the production of goods and services than they are willing and able to at current prices. This condition is most important for short-run macroeconomic activity and short-run aggregate market analysis. In particular, overemployment is a key reason for the positive slope of the short-run aggregate supply curve. Overemployment is a primary reason the macroeconomy is able to produce MORE than full-employment production in the short run.

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[What's This?]

Today, you are likely to spend a great deal of time touring the new suburban shopping complex wanting to buy either an AC adapter that works with your MPG player or rechargeable batteries. Be on the lookout for crowded shopping malls.
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The wealthy industrialist, Andrew Carnegie, was once removed from a London tram because he lacked the money needed for the fare.
"You can't build a reputation on what you are going to do."

-- Henry Ford, automaker

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