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June 24, 2018 

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LUXURY GOOD: In general, a good (or service) that is not essential but makes like more enjoyable. Luxury goods are often more expensive and primarily purchased by people with more wealth and income. Using more precise, technical language, a luxury good exists if the income elasticity of demand is positive and greater than one. In other words, as people receive more income, they devote an increasingly larger share of income to the purchase of luxury goods.

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OIKONOMOS: This rather strange word is a greek term meaning "household manager" or "household steward" that gave rise to the modern term economy and the whole range of related terms, including economic, economics, economist, and economize. Ironically there are those who use economics less with the goal of providing "stewardship" of the economy and more focused on the goal of extracting maximum personal gain.

     See also | economy | economics | economic | economist | economize |


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BANK RUN

A situation in which a relatively large number of a bank's customers attempt to withdraw their deposits in a relatively short period of time, usually within a day or two. While common throughout the 1800s and early 1900s, government deposit insurance has largely eliminated banks runs in the modern economy. Historically a bank run was prompted by fears that the bank was on the verge of collapse, causing deposits to become worthless. Ironically a bank run often caused the bank to fail. Bank runs were often infectious, leading to economy-wide bank panics and business-cycle contractions.

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BROWN PRAGMATOX
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Today, you are likely to spend a great deal of time at a garage sale seeking to buy either shoe laces for your snow boots or a rim for your spare tire. Be on the lookout for florescent light bulbs that hum folk songs from the sixties.
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The word "fiscal" is derived from a Latin word meaning "moneybag."
"The moment you let avoiding failure become your motivator, you're down the path of inactivity. "

-- Roberto Goizueta, Coca-Cola CEO

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