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July 22, 2018 

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EQUALITY STANDARD: One of three basic income distribution standards (the other two are contributive standard and needs standard). The equality standard distributes income equally to every person in society. Everyone--every man, woman, and child--would, in other words, receive exactly the same, per capita income--no more, no less. If, for example, total income earned by 270 million people in the United States is $7 trillion, then every person would receive $25,925.9 each--no more, no less.

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EXHAUSTIBLE RESOURCE: A natural resource that cannot be increased by the natural forces of the environment. The quantities of exhaustible resources are effectively fixed and thus the more used today, the less is available for use in the future. It is possible, and even expected, that exhaustible resources will be exhausted at some time in the future. Common examples of exhaustible resources are the three fossil fuels -- petroleum, coal, and natural gas. The vast array of mineral resources -- iron, silver, gold, and copper -- represent other examples.

     See also | renewable resource | scarcity rent | Hotelling's Rule | switching point | natural resources | materials balance | recycling |


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RECESSIONARY GAP

The difference between the equilibrium real production achieved in the short-run aggregate market and full-employment real production that occurs when short-run equilibrium real production is less than full-employment real production. A recessionary gap, also termed a contractionary gap, is associated with a business-cycle contraction. This is one of two alternative output gaps that can occur when short-run equilibrium generates production that differs from full employment. The other is an inflationary gap.

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Today, you are likely to spend a great deal of time calling an endless list of 800 numbers trying to buy either a set of luggage without wheels or a how-to book on wine tasting. Be on the lookout for cardboard boxes.
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The first U.S. fire insurance company was established by Benjamin Franklin in 1752 in Philadelphia.
"You can't build a reputation on what you are going to do."

-- Henry Ford, automaker

VIR
Variable Interest Rate
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