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NATIONAL INCOME: The total income earned by the citizens of the national economy as a result of their ownership of resources used in the production of final goods and services during a given period of time, usually one year. This is the government's official measure of how much income is generated by the economy. National income, generally abbreviated as NI, is the broadest, most comprehensive of three income measures reported quarterly (every three months) in the National Income and Product Accounts by the Bureau of Economic Analysis.

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FIRST RULE OF SCARCITY

The first of seven basic rules of the economy, stating that the world is faced with limited resources but unlimited wants and needs satisfied from these resources. Scarcity is THE economy problem upon which the entire study of economics is built. A primary implication of scarcity is that the pursuit of an activity results in an opportunity cost.

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BLACK DISMALAPOD
[What's This?]

Today, you are likely to spend a great deal of time searching for rummage sales wanting to buy either a rim for your spare tire or decorative celebrity figurines. Be on the lookout for deranged pelicans.
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This isn't me! What am I?

Two and a half gallons of oil are needed to produce one automobile tire.
"If you wouldn't write it and sign it, don't say it."

-- Earl Wilson, Columnist

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