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RELATIVE POVERTY LEVEL: The amount of income a person or family needs to purchase a relative amount of basic necessities of life. These basic necessities are identified relative to the current structure of society and the economy. For example, while a refrigerator would be a basic necessity for someone living in the our modern U.S. economy, it probably would not be consider a necessity for nomads of sub-Saharan Africa or aborigines of Australia.

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Lesson 6: Supply | Unit 2: Law of Supply Page: 7 of 19

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  • The law of supply, which is an economic principle stating that supply price and quantity supplied are directly related, ceteris paribus.
  • The fact that the law of supply is not as rigid as the law of demand.
  • The ceteris paribus assumption, holding other things unchanged, that is used when using the law of supply.
  • How the law of supply is based on increasing production cost, which depends on the law of increasing opportunity cost.


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BALANCE ON SERVICES

A subset of the balance of payments current account that records the difference between the payments received for exports of services to other nations and the payments made for the imports of services from other nations. The flow of payments is for intangible services, not for physical or tangible goods. The balance on services is thus appropriately divided into services exported and services imported. Two other subsets of the current account include the balance on merchandise trade and unilateral transfers. The commonly termed balance of trade is the sum of the balance on merchandise trade and the balance on services.

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APLS

RED AGGRESSERINE
[What's This?]

Today, you are likely to spend a great deal of time calling an endless list of 800 numbers seeking to buy either a microwave over that won't burn your popcorn or a T-shirt commemorating the first day of winter. Be on the lookout for the last item on a shelf.
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A scripophilist is one who collects rare stock and bond certificates, usually from extinct companies.
"Our goals can only be reached through a vehicle of a plan, in which we must fervently believe, and upon which we must vigorously act. There is no other route to success. "

-- Pablo Picasso, artist

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Tokyo Commodity Exchange (Japan)
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