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November 10, 2024 

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COMPOUND INTEREST: Interest that's added to a principal at regular intervals such that each subsequent interest calculation is based on the original principal and the added interest. For example, suppose you have a $100 savings account that pays 5 percent interest. Without compound interest, such that your 5 percent interest is paid only at the end of a year, you will have exactly $105 in one year. However, if your interest is compounded each month you end up with $105.12 after a year. The extra 12 cents comes from interest on the interest paid the first month, interest on the interest paid the second month, interest on the interest paid the third month... well I could go on.

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PARADOX OF THRIFT: The notion that an increase in saving, which is prudent for an individual during bad economic times, is not the best course of action for the macroeconomy. If total saving in the economy increases, then consumption and aggregate expenditures decline, which causes a decline in aggregate output.

     See also | saving | consumption expenditures | contraction | business cycle | multiplier | aggregate expenditures | aggregate output |


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PARADOX OF THRIFT, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2024. [Accessed: November 10, 2024].


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PERFECT COMPETITION, REALISM

Perfect competition is an idealized market structure that does NOT exist in the real world. While some real world industries might come relatively close to one or two of the four key characteristics of perfect competition, none matches all four sufficiently that they can be declared PERFECTLY competitively. Some industries come close on the large number of small firms and the identical product characteristics. A few industries have relatively good, although not perfect, information about prices and technology. However, almost all industries fall far short of the perfect mobility characteristics.

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APLS

BEIGE MUNDORTLE
[What's This?]

Today, you are likely to spend a great deal of time at a garage sale looking to buy either a cross-cut paper shredder or a birthday greeting card for your father. Be on the lookout for defective microphones.
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Parker Brothers, the folks who produce the Monopoly board game, prints more Monopoly money each year than real currency printed by the U.S. government.
"Love looks through a telescope; envy, through a microscope. "

-- Josh Billings, humorist

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Gross State Product, Generalized System of Preferences
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