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LOCATION THEORY: A theoretical framework for studying the location decisions made of firms and households based on transportation cost and spatial differences in the accessibility of inputs and markets for outputs. Location theory, developed with noted contributions from August Losch, Alfred Weber, Johann von Thunen, Walter Christaller, and Walter Isard, explicitly considers the cost of transportation in the production and consumption choices made by firms and households. Location theory has been used to explain urban density, labor migration, and land use.
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TOTAL PHYSICAL PRODUCT The total quantity of output produced by a firm for a given quantity of inputs. Total physical product is actually nothing more than total product. The insertion of the word "physical" merely keeps the phrase consistent with average physical product and marginal physical product, two terms useful in marginal-productivity theory and the analysis of factor demand.
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PINK FADFLY
[What's This?]
Today, you are likely to spend a great deal of time searching for a specialty store trying to buy either any book written by Stephan King or a T-shirt commemorating next Thursday. Be on the lookout for telephone calls from long-lost relatives.
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This isn't me! What am I?
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In the Middle Ages, pepper was used for bartering, and it was often more valuable and stable in value than gold.
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"The creative is the place where no one else has ever been. the You have to leave the city of your comfort and go into wilderness of your intuition. What you'll discover will be wonderful. What you'll discover will be yourself." -- Alan Alda, Actor
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KSE
Korea Stock Exchange
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