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KNOWLEDGE ECONOMY: The notion that economic activity is oriented on the production and consumption of knowledge (or information), which is fundamentally different from economic activity oriented on the production and consumption of manufacturing or agricultural goods. The key to the knowledge economy is the widespread use of computers, the Internet, and other information-based technology. Differences in the knowledge economy result for the public goods nature of knowledge and information (that is, use by one does not exclude use by another).
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Lesson 1: Economic Basics | Unit 1: Economics
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Economics: A social science that studies the allocation of scarce resources used to produce goods and services that satisfy consumers' unlimited wants and needs.Key points in the study of economics: - Social Science: Economics uses the scientific method to explain and study our society.
- Allocation: Economics studies allocation decisions about distributing resources, goods and services.
- Scarce Resources: The economy's resources are limited relative to their use.
- Production: We transform available resources into goods and services. That's production.
- Consumption: The goods and services produced are used to satisfy wants and needs. That's consumption.
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WANTS The psychological desires which make life just a little more enjoyable, but which are not biological necessities for life. Psychological wants are often contrasted with physiological needs that make life more enjoyable, but are not essential for existence.
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PINK FADFLY
[What's This?]
Today, you are likely to spend a great deal of time at an auction wanting to buy either a combination CD player, clock radio, and telephone (with answering machine) or a revolving spice rack. Be on the lookout for the last item on a shelf.
Your Complete Scope
This isn't me! What am I?
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The first paper notes printed in the United States were in denominations of 1 cent, 5 cents, 25 cents, and 50 cents.
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"You have to find something that you love enough to be able to take risks, jump over the hurdles and break through the brick walls that are always going to be placed in front of you. If you don't have that kind of feeling for what it is you're doing, you'll stop at the first giant hurdle. " -- George Lucas
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PPP
Purchasing Power Parity
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