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March 5, 2024 

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SECOND ESTATE: In past centuries, this included kings, queens, dukes and others of the ruling elite. In modern times, this includes business leaders who have extensive ownership of and control over resources, especially capital, entrepreneurship, and land.

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CONSTANT GDP: The total market value, measured in constant prices, of all goods and services produced within the political boundaries of an economy during a given period of time, usually one year. The key is that constant gross domestic product is measured in constant prices, the prices for a specific base year. Constant gross domestic product, also termed real gross domestic product, adjusts gross domestic product for inflation.

     See also | real | gross domestic product | price level | inflation | real production | nominal gross domestic product | current gross domestic product | GDP price deflator | purchasing power | real interest rate | real wage |


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CONSTANT GDP, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2024. [Accessed: March 5, 2024].


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LONG-RUN INDUSTRY SUPPLY CURVE

The relation between market price and the quantity supplied by all firms in a perfectly competitive industry after the industry has completed its long-run adjustment. The long-run industry supply curve effectively traces out a series of equilibrium prices and quantities that reflect long-run adjustments of a perfectly competitive industry to demand shocks. This long-run adjustment can take one of three paths, indicating an increasing-cost industry, a decreasing-cost industry, and a constant-cost industry.

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RED AGGRESSERINE
[What's This?]

Today, you are likely to spend a great deal of time at an auction seeking to buy either a bookshelf that will fit in your closet or a birthday greeting card for your grandfather. Be on the lookout for slightly overweight pizza delivery guys.
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Three-forths of the gold mined each year is used to manufacture jewelry.
"All things are difficult before they are easy."

-- Thomas Fuller, Physician

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