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January 17, 2018 

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MAASTRICHT TREATY: An agreement among 12 European nations in 1992 that established the European Union. The 12 nations signing the Maastricht Treaty are Belgium, Denmark, Greece, Germany, Spain, France, Ireland, Italy, Luxembourg, Netherlands, Portugal, and Great Britain. This treaty was designed to form a more economically and politically integrated European economy, including the reduction or elimination of tariffs and nontariff barriers, the creation of monetary unit (the euro), the establishment of a common military and defense policy, and centralized monetary policy. This amended early agreements setting up a European common market. The Maastricht Treaty is merely one of several international trade agreements created over the years to reduce trade restrictions. Others include the General Agreement on Tariffs and Trade and the North American Free Trade Agreement.

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PRODUCT LIFE CYCLE: The four stages that a product experiences during its life, usually illustrated with a curve. All products have a limited life expectancy. Some are very short, like the Beta Recording Systems, and some are very lengthy, like the television. The four stages are introduction, growth, maturity, and decline. Each stage has certain characteristics associated with it. The way a business handles each stage determines the long-term viability of the product. An example: During the introduction stage: costs are high, customer familiarity with the product is low, profits are generally non-existent, and competition is limited, if at all. If the business does not deal with these conditions properly, the product may never reach the growth stage.

     See also | introduction stage | growth stage | maturity stage | decline stage | profit | product | service |


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MARGINAL UTILITY-PRICE RATIO

The ratio of the marginal utility obtained from consuming a good to the price of the good. This ratio is particularly important in determining consumer equilibrium, which is reached when the marginal utility-price ratios are the same for all goods. Equality between all marginal utility-price ratios is the rule of consumer equilibrium which is satisfied with utility maximization.

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BLACK DISMALAPOD
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Today, you are likely to spend a great deal of time strolling through a department store hoping to buy either an electric coffee pot with automatic shutoff or a brown leather attache case. Be on the lookout for neighborhood pets, especially belligerent parrots.
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In the late 1800s and early 1900s, almost 2 million children were employed as factory workers.
"Being defeated is only a temporary condition; giving up is what makes it permanent."

-- Marilyn vos Savant, Author

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Latin American Economic System
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