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December 1, 2023 

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AMERICAN STOCK EXCHANGE: One of three national stock markets in the United States (see National Association of Securities Dealers and New York Stock Exchange) that trade ownership shares in corporations. In terms of daily stock transactions and the number of stocks listed, the American Stock Exchange is the smallest of these three. However, it's composite index of stock prices -- AMEX is considered important enough to be flashed briefly on the nightly news.

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MARGINAL PRODUCT CURVE: A curve that graphically illustrates the relation between marginal product and the quantity of the variable input, holding all other inputs fixed. This curve indicates the incremental change in output at each level of the variable input. The marginal product curve is one of three related curves used in the analysis of the short-run production of a firm. The other two are total product curve and average product curve. The marginal product curve plays in key role in the economic analysis of short-run production by a firm in large part because economists are generally obsessed with marginal changes in production.

     See also | marginal product | curve | total product | output | input | variable input | fixed input | average product | marginal cost | law of diminishing marginal returns | average-marginal rule | total-marginal rule | short-run production |


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UNLIMITED LIABILITY

A condition in which owners of a business are personally held responsible for any debts created by the business. Proprietorships and partnerships are the two types of business organizations in which owners have unlimited liability. Unlimited liability tends to restrict the size of a business and prevents large scale production. The alternative to unlimited liability is limited liability, a characteristic of corporations.

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BROWN PRAGMATOX
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Today, you are likely to spend a great deal of time at an auction trying to buy either a solid oak entertainment center or a remote controlled ceiling fan. Be on the lookout for letters from the Internal Revenue Service.
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Ragnar Frisch and Jan Tinbergen were the 1st Nobel Prize winners in Economics in 1969.
"Sometimes our light goes out, but is blown into flame by another human being. Each of us owes deepest thanks to those who have rekindled this light. "

-- Albert Schweitzer, missionary physician

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M1 plus savings types of near monies, including savings deposits, certificates of deposits, money market deposits, repurchase agreements, and Eurodollars
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