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July 1, 2025 

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PERCEPTION: How a person interprets the sensual inputs received through seeing, hearing, smelling, tasting, and touching. This process requires the individual to select, organize, and decode the various stimuli surrounding him/her in the environment. The important thing is not what is said by the talker, but what is heard by the listener. This process is critical to understanding consumer buying behavior.

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COMPENSATING WAGES: Different wages paid in different workers or in different markets that adjust for differences in the jobs or in the productivity of the workers. Wage differentials occur for many reasons. Quite often they are the result of the personal preferences of workers. In some cases workers are willing to "buy" leisure-time or other types of household production by taking lower labor market wages. Differences in job risks, education, and location are also reasons for the persistence of wage differentials.

     See also | wage | labor | market | education | risk | household production |


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COMPENSATING WAGES, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2025. [Accessed: July 1, 2025].


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MARGINAL COST CURVE

A curve that graphically represents the relation between the marginal cost incurred by a firm in the short-run product of a good or service and the quantity of output produced. This curve is constructed to capture the relation between marginal cost and the level of output, holding other variables like technology and resource prices constant. Three related curves are average total cost curve, average variable cost curve, and average fixed cost curve.

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APLS

GREEN LOGIGUIN
[What's This?]

Today, you are likely to spend a great deal of time wandering around the shopping mall seeking to buy either storage boxes for your computer software CDs or a set of tires. Be on the lookout for small children selling products door-to-door.
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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.
"Experience keeps a dear school, but fools will learn in no other. "

-- Benjamin Franklin

NI
National Income, Net Income
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