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February 23, 2020 

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PERSONAL INCOME: The total income received by the members of the domestic household sector, which may or may not be earned from productive activities during a given period of time, usually one year. The primary use of personal income is to measure the income actually paid out to the household sector. After adjusting for income taxes, personal income forms the basis for consumption expenditures on gross domestic product.

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MINIMUM WAGE: A legally established price floor on the wage paid to labor. The minimum wage was initiated in the United States in 1938 at a rate of 25 cents per hour. It has been raised numerous times since then. The logic behind a minimum wage is to ensure that workers obtain an adequate income for their efforts.

     See also | labor | labor market | price floor | market control | surplus | unemployment | efficiency | second estate | third estate | factor markets | monopsony | price ceiling |


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PHYSICAL SCIENCE

The scientific study of the physical world, especially nonhuman, nonsociety phenomena, such as atoms, planets, wildlife, and continental drift. Common disciplines that study these physical phenomena are physics, chemistry, biology, geology, and astronomy. Physical science is one of two broad scientific classifications. The other is social science, which is the study human behavior and society.

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Today, you are likely to spend a great deal of time browsing through a long list of dot com websites seeking to buy either storage boxes for your family photos or a large, stuffed giraffe. Be on the lookout for empty parking spaces that appear to be near the entrance to a store.
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Potato chips were invented in 1853 by a irritated chef repeatedly seeking to appease the hard to please Cornelius Vanderbilt who demanded french fried potatoes that were thinner and crisper than normal.
"How wonderful it is that nobody need wait a single moment before starting to improve the world."

-- Anne Frank

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Journal of Economics and Management Strategy
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