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January 20, 2018 

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GOVERNMENT CONSUMPTION EXPENDITURES AND GROSS INVESTMENT: The official item in the National Income and Product Accounts maintained by the Bureau of Economic Analysis measuring government purchases undertaken by the government sector. Government consumption expenditures and gross investment averages between 15-20% of gross domestic product. This percentage tends to be ebb and flow a little with the political winds.

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GENERAL AGREEMENT ON TARIFFS AND TRADE: A treaty, signed in 1947 by 23 countries including the United States, that was designed to reduce trade barriers. It now carries the signatures of about 100 countries and over the years has been pretty darn effective in reducing tariffs, eliminating some import quotas, and promoting commerce.

     See also | foreign trade | free trade | trade barriers | tariff | quota | most-favored nation | World Trade Organization |


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GENERAL AGREEMENT ON TARIFFS AND TRADE, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2018. [Accessed: January 20, 2018].


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PRINCIPLE

A generally accepted, verified, proven, fundamental law of nature. A principle captures a cause-and-effect relation about the workings of the world that has been tested and verified through the scientific method. The law of demand, law of increasing opportunity cost, and law of diminishing marginal utility are three fundamental (and extremely important) economic principles.

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APLS

PURPLE SMARPHIN
[What's This?]

Today, you are likely to spend a great deal of time surfing the Internet looking to buy either a green and yellow striped sweater vest or a Boston Red Sox baseball cap. Be on the lookout for strangers with large satchels of used undergarments.
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In 1914, Ford paid workers who were age 22 or older $5 per day -- double the average wage offered by other car factories.
"Act well at the moment, and you have performed a good action for all eternity."

-- Johann Kaspar Lavater

GDP
Gross Domestic Product
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