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July 18, 2025 

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ECONOMIC AND MONETARY UNION: An aspect of the European Union designed to integrate economic and monetary policies and establish a single currency (the euro). The Economic and Monetary Union, abbreviated EMU, was created by the 1992 Maastricht Treaty and officially came into existence in 1999. The European Central Bank has control over monetary policy and the money supply for the Economic and Monetary Union.

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PRINCIPAL-AGENT PROBLEM: A source of inefficiency in the way large businesses and governments are operated that occurs because those making decisions (agents) have different goals than those affected by the decisions (principals).

     See also | information | public choice | moral hazard | adverse selection | logrolling | fifth rule of imperfection | sixth rule of ignorance |


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PRINCIPAL-AGENT PROBLEM, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2025. [Accessed: July 18, 2025].


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FACTORS OF PRODUCTION

Labor, capital, land, and entrepreneurship used by society to produce consumer satisfying goods and services. Factors of production are also termed resources or scarce resources.

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Today, you are likely to spend a great deal of time searching the newspaper want ads seeking to buy either an extra large beach blanket or a large flower pot shaped like a Greek urn. Be on the lookout for fairy dust that tastes like salt.
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Okun's Law posits that the unemployment rate increases by 1% for every 2% gap between real GDP and full-employment real GDP.
"A winner is someone who recognizes his God-given talents, works his tail off to develop them into skills, and uses those skills to accomplish his goals. "

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