October 4, 2015 

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NCUA: The abbreviation for National Credit Union Administration, which is the Federal government entity responsible for chartering and regulating credit unions. It plays a similar role for credit unions that the Comptroller of the Currency and the Federal Home Loan Bank have historically played for banks and savings and loan associations.

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LAW OF COMPARATIVE ADVANTAGE: A basic principle that states every nation has a production activity that incurs a lower opportunity cost than that of another nation, which means that trade between the two nations can be beneficial to both if each specializes in the production of a good with lower relative opportunity cost. While this law is fundamental to the study of international trade, it also applies to other activities, especially the specialization and the division of labor.

     See also | international economics | comparative advantage | absolute advantage | international trade | opportunity cost | specialization | division of labor | foreign sector | domestic sector | foreign trade | closed economy | open economy | exports | imports | net exports |

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LAW OF COMPARATIVE ADVANTAGE, AmosWEB GLOSS*arama,, AmosWEB LLC, 2000-2015. [Accessed: October 4, 2015].

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A shock to the short-run aggregate market caused by a decrease in aggregate supply, resulting in and illustrated by a leftward shift of the short-run aggregate supply curve. A decrease in aggregate supply in the short-run aggregate market results in an increase in the price level and a decrease in real production. The level of real production resulting from the shock can be greater or less than full-employment real production.

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State of the ECONOMY

U 6 Unemployment
July 2015
10.4% Down a little
Includes those who have given up looking. BLS

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Today, you are likely to spend a great deal of time calling an endless list of 800 numbers seeking to buy either a handcrafted bird house or a weathervane with a chicken on top. Be on the lookout for cardboard boxes.
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Only 1% of the U.S. population paid income taxes when the income tax was established in 1914.
"Those who are blessed with the most talent don't necessarily outperform everyone else. It's the people with follow-through who excel. "

-- Mary Kay Ash, May Kay Cosmetics founder

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