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LAW OF COMPARATIVE ADVANTAGE: A basic principle that states every nation has a production activity that incurs a lower opportunity cost than that of another nation, which means that trade between the two nations can be beneficial to both if each specializes in the production of a good with lower relative opportunity cost. While this law is fundamental to the study of international trade, it also applies to other activities, especially the specialization and the division of labor.
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POLITICAL BUSINESS CYCLES The notion that business cycles are caused by elected government leaders who manipulate the economy to achieve personal political goals, that is, to be re-elected and remain in office. The leaders stimulate the economy leading up to an election, creating a business-cycle expansion that ensures (they hope) re-election, they then induce a business-cycle contraction after the election to correct problems created by the pre-election stimulation. This explanation suggests that government is the source of business cycles are should not be allowed to implement discretionary stabilization policies.
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GREEN LOGIGUIN
[What's This?]
Today, you are likely to spend a great deal of time surfing the Internet looking to buy either a how-to book on fixing your computer, with illustrations or several magazines on computer software. Be on the lookout for rusty deck screws.
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This isn't me! What am I?
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A lump of pure gold the size of a matchbox can be flattened into a sheet the size of a tennis court!
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"It is the mark of an educated mind to be able to entertain a thought without accepting it." -- Aristotle
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LISH
last In Still Here
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