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January 29, 2015 

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SCIENTIFIC METHOD: A structured way of investigating and explaining the operation of the world by testing and verifying hypothesized relationships. The scientific method is a process of discovery, a method of explaining phenomena that can be better understood with an overview of theory, principles, world view, hypothesis, and verification.

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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, http://www.AmosWEB.com, AmosWEB LLC, 2000-2015. [Accessed: January 29, 2015].


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MARGINAL PROPENSITY TO SAVE

The proportion of each additional dollar of household income that is used for saving. The marginal propensity to save (abbreviated MPS) is another term for the slope of the saving line and is calculated as the change in saving divided by the change in income. The MPS plays a central role in Keynesian economics. It quantifies the saving-income relation, which is the flip side of the consumption-income relation, and thus it reflects the fundamental psychological law. It is also a critical to the multiplier process. A related saving measure is the average propensity to save.

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State of the ECONOMY

Real Average Hourly Earnings
December 2014
$10.40
Up 0.1% from November 2014

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RED AGGRESSERINE
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Today, you are likely to spend a great deal of time driving to a factory outlet hoping to buy either a rim for your spare tire or decorative celebrity figurines. Be on the lookout for infected paper cuts.
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Paper money used by the Commonwealth of Massachusetts prior to the U.S. Revolutionary War, which was issued against the dictates of Britain, was designed by patriot and silversmith, Paul Revere.
"The difference between the impossible and the possible lies in a person's determination. "

-- Tommy Lasorda

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