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ALLOCATIVE EFFICIENCY: Obtaining the most consumer satisfaction from available resources. Allocative efficiency means that our economy is doing the best job possible of satisfying unlimited wants and needs with limited resources -- that is, of addressing the problem of scarcity.

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ACCOUNTING COST

An actual outlay or expenses incurred in the production of a good that shows up in a firm's accounting statements and records. Accounting cost is an explicit payment (that is, money changing hands) incurred by a firm. Accounting cost, while very important to accountants, company CEOs, shareholders, and the Internal Revenue Service, is only minimally important to economists. The reason is that economists are more interested in economic cost (also called opportunity cost), which is the value of foregone production.

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APLS

ORANGE REBELOON
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Today, you are likely to spend a great deal of time at a dollar discount store wanting to buy either storage boxes for your family photos or a large, stuffed giraffe. Be on the lookout for cardboard boxes.
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Okun's Law posits that the unemployment rate increases by 1% for every 2% gap between real GDP and full-employment real GDP.
"Difficulty is the excuse history never accepts. "

-- Edward R. Murrow, News broadcaster

AFA
Advertising Federation of America
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