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July 22, 2018 

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COMMONWEALTH: The Commonwealth is a multilateral organization of 54 developed and developing nations around the world. The Commonwealth Secretariat was established in 1965 as the main intergovernmental agency of the Commonwealth, facilitating consultation and co-operation among member governments and countries. The Commonwealth strives to be a force for peace, democracy, equality and good governance, a catalyst for global consensus building and a source of assistance for sustainable development and poverty eradication. The Commonwealth Secretariat is headed by the Commonwealth Secretary-General and is located at Marlborough House in London. Association to the Commonwealth is voluntary.

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KITCHIN CYCLE: A cycle of economic activity lasting between 3 and 5 years that acquired the name of the first economist to study it, Joseph Kitchin. The Kitchin cycle is attributed to investment in inventories (especially for consumer goods). It is the one that is commonly at work when people are concerned with business-cycle contractions. This is also one of four separate cycles of macroeconomic activity that have been documented or hypothesized. The other three are Juglar cycle, Kuznets cycle, and Kondratieff cycle.

     See also | business cycle | Juglar cycle | Kuznets cycle | Kondratieff cycle | investment | investment business cycle |


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KITCHIN CYCLE, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2018. [Accessed: July 22, 2018].


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MARGINAL FACTOR COST CURVE, MONOPSONY

A curve that graphically represents the relation between marginal factor cost incurred by a monopsony for hiring an input and the quantity of input employed. A profit-maximizing monopsony hires the quantity of input found at the intersection of the marginal factor cost curve and marginal revenue product curve. The marginal factor cost curve for a monopsony with market control is positively sloped and lies above the average factor cost curve.

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PURPLE SMARPHIN
[What's This?]

Today, you are likely to spend a great deal of time looking for the new strip mall out on the highway looking to buy either a birthday gift for your aunt or a pair of leather sandals that won't cause blisters. Be on the lookout for florescent light bulbs that hum folk songs from the sixties.
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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.
"You can't build a reputation on what you are going to do."

-- Henry Ford, automaker

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Weighted Least Squares
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