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May 25, 2015 

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INCOME EFFECT: One of two reasons for the law of demand and the negative slope of the market demand curve (the other is the substitution effect). The income effect results because a change in price gives buyers more real income, or the purchasing power of the income, even though money or nominal income remains the same. This causes changes in the quantity demanded of the good.

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INNOVATION

The initial application of new products, technologies, and ideas that usually generate a beneficial improvement in society and the economy. In contrast to an invention, which is the act of creation, an innovation is the implementation of a product, technology, or idea. Innovations are changes in existing institutions and the status quo, prompted by risk-taking entrepreneurs, that promote prosperity and improved living standards.

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APLS

State of the ECONOMY

Real average weekly earnings
December 2014
$359.99 Bureau of Labor Statistics
Up 0.2% from Nov. 2014 Constant 1982-84 dollars

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PURPLE SMARPHIN
[What's This?]

Today, you are likely to spend a great deal of time at the confiscated property police auction looking to buy either storage boxes for your summer clothes or 500 feet of coaxial cable. Be on the lookout for poorly written technical manuals.
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The first U.S. fire insurance company was established by Benjamin Franklin in 1752 in Philadelphia.
"There's a very positive relationship between people's ability to accomplish any task and the time they're willing to spend on it."

-- Dr. Joyce Brothers

AIC
Akaike's Information Criterion
A PEDestrian's Guide
Xtra Credit
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