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BY-PRODUCT: One of two goods that are produced jointly using the same resource--that is, the production of one good automatically triggers the production of the other. Also termed joint products or complements-in-production, the phrase by-product is often used when one of the products is unwanted or of secondary importance. For example, sawdust is generally considered a by-product from producing lumber from trees.

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LAW OF INCREASING OPPORTUNITY COST

The proposition that opportunity cost, the value of foregone production, increases as the quantity of a good produced increases. This fundamental economic principles can be seen in the production possibilities schedule and is illustrated graphically through the slope of the production possibilities curve. It generates a distinctive convex shape, flat at the top and steep at the bottom.

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RED AGGRESSERINE
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Today, you are likely to spend a great deal of time at a going out of business sale seeking to buy either a pair of gray heavy duty boot socks or a 50-foot blue garden hose. Be on the lookout for cardboard boxes.
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Lombard Street is London's equivalent of New York's Wall Street.
"No great performance ever came from holding back. "

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IBRD
International Bank for Reconstruction and Development
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