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August 23, 2014 

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EURO ZONE: The geographic area occupied by the member nations of the European Economic and Monetary Union that share the same currency (euro) and monetary policy.

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PLURALITY RULE: A voting rule in which decisions are made based on a plurality of the votes cast. A plurality is defined as the most votes obtained when more than two candidates or options exist, but none receives a majority. If, for example, two of three candidates running for office receive 33 percent of the vote, then the third candidate with 34 percent receives the plurality. Presidential primary elections, which can have up to a dozen candidates, are commonly won with a plurality of the votes. This is one of several voting rules. Others include majority, super majority, and unanimity.

     See also | public choice | majority rule | super majority rule | unanimity rule | voter paradox | principle of the median voter | logrolling | explicit logrolling | implicit logrolling | Tiebout hypothesis | principal-agent problem |


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PLURALITY RULE, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2014. [Accessed: August 23, 2014].


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SELF CORRECTION, INFLATIONARY GAP

The automatic process in which the aggregate market eliminates an inflationary gap created by a short-run equilibrium that is greater than full employment through increases in wages (and other resource prices). The self-correction mechanism is triggered by short-run resource market imbalances that are closed by long-run price flexibility. The self-correction process of the aggregate market also acts to close a recessionary gap with lower wages (and other resource prices).

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State of the ECONOMY

Federal Funds Rate
August 17, 2014
.25%
Steady

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Today, you are likely to spend a great deal of time watching the shopping channel wanting to buy either pink cotton balls or a genuine down-filled comforter. Be on the lookout for fairy dust that tastes like salt.
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