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August 30, 2015 

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Best TV Sitcom of the 70s.

Happy Days.
The Brady Bunch.
M*A*S*H.
Welcome Back, Kotter.
The Patridge Family.
What? They had TV in the 70s.

PERFECT COMPETITION AND EFFICIENCY: Perfect competition is the idealized market structure that achieves an efficient allocation of resources. The conditions of perfect competition, including (1) large number of small firms, (2) identical products sold by all firms, (3) freedom of entry into and exit out of the industry, and (4) perfect knowledge of prices and technology, ensure that perfect competition efficiently allocates resources. This is in fact the purpose of perfect competition: a market structure that illustrates perfection, the best of all possible resource allocation worlds. The real world falls short of this perfection.

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PROFIT: As a generic term, this is the difference between revenue and cost. There are, however, three specific sorts of profit, each with a different meaning. Accounting profit is the difference between revenue and accounting expenses. Economic profit is the difference between revenue and the opportunity cost of production. Normal profit is the economic profit that could be earned by an entrepreneur in another business and is thus an opportunity cost deducted from revenue when calculating economic profit.

     See also | total revenue | total cost | accounting profit | economic profit | normal profit | opportunity cost | profit maximization | profit curve | entrepreneurship | corporate profits |


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PROFIT, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2015. [Accessed: August 30, 2015].


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LAW

A generally accepted, verified, proven, fundamental scientific relation. A law is a scientifically certified, thoroughly verified, cause-and-effect relation about the workings of the world. It has been tested and retested through the scientific method. The law of demand, law of increasing opportunity cost, and law of diminishing marginal utility are three fundamental (and extremely important) economic laws of nature.

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APLS

State of the ECONOMY

New Orders for Manufactured Goods
June 2015
$478.5 billion
Up 1.8% from May 2015 Econ & Statistics Adm

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BEIGE MUNDORTLE
[What's This?]

Today, you are likely to spend a great deal of time at an auction looking to buy either a coffee cup commemorating the 1960 Presidential election or a how-to book on fixing your computer, with illustrations. Be on the lookout for telephone calls from long-lost relatives.
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Ragnar Frisch and Jan Tinbergen were the 1st Nobel Prize winners in Economics in 1969.
"Few things can help an individual more than to place responsibility on him, and to let him know that you trust him. "

-- Booker T. Washington, educator

AFEA
American Farm Economic Association
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