Monday  August 12, 2024
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 LOAN: In general, a transaction in which a legal claim is exchanged for money. The legal claim is typically a contract or promissory note stipulating when and how the money will be repaid. The lender gives up the money and receives the legal claim. The borrower gives up the legal claim and receives the money. A loan can be either an asset or a liability, depending on who does the borrowing and who does the lending. To the borrower, a loan is a liability, something that is owed. The borrower must pay off the loan or repurchase the legal claim. However, to the lender, a loan is an asset, something that is owned. In fact, loans represent a significant part of a bank's assets.
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INCOME: Revenue earned or received by households that can be used for consumption or saving. For the aggregate economy, earned income is termed national income, while received income is termed personal income. The key is that income for the aggregate economy is generated in the production of goods and services.

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INCOME, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2024. [Accessed: August 12, 2024].

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ARC ELASTICITY

The average elasticity for discrete changes in two variables. The distinguishing characteristic of arc elasticity is that percentage changes are calculated based on the average of initial and ending values of each variable, rather than initial values. Arc elasticity is generally calculated using the midpoint elasticity formula. The contrast to arc elasticity is point elasticity. For infinitesimally small changes in two variables, arc elasticity is the same as point elasticity.

 WHITE GULLIBON[What's This?] Today, you are likely to spend a great deal of time flipping through the yellow pages trying to buy either a rotisserie oven that can also toast bread or a flower arrangement in a coffee cup for your father. Be on the lookout for crowded shopping malls.Your Complete Scope
 A lump of pure gold the size of a matchbox can be flattened into a sheet the size of a tennis court!
 "When one door closes another door opens; but we do often look so long and so regretfully upon the closed door, that we do not see the ones which open for us. "-- Alexander Graham Bell, inventor
 AACCLAAssociation of American Chambers of Commerce in Latin America
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