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RIVAL CONSUMPTION: Consumption of a good by one person imposes a cost on, or prevents consumption of the good by, another person. Some goods, like food, have extremely rival consumption. One person, and only one person, gets the benefit. Other goods, like national defense, have no consumption rivalry, everyone can benefit simultaneously without imposing a cost on others. This is one of the two key characteristics of a good (the other is excludability) that distinguishes between common-property goods, near-public goods, private goods, and public goods.
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BROWN PRAGMATOX
Your compete MICRO*scope for today
You are the type of person who generally weighs benefits against costs, but the costs usually win. Family and friends can always count on you when they need help moving furniture. Today, you are likely to spend a great deal of time wandering around the shopping mall hoping to buy either a genuine down-filled comforter or a 200-foot blue garden hose. Be on the lookout for high interest rates. You should consider shopping at stores or businesses beginning with the letter X, but do not buy any products with a serial number or product code containing the number 224186. Your preferred shopping venue is thrift stores. Your special symbol is the comma (,).
Is this You?
As a Brown Pragmatox, you are down-to-earth and practical. You are hard working and industrious. You are frugal to the point that you might even refrain from making a purchase that you really, really need. Doing so often causes problems down the road. You definitely go with function over form and substance over style.
This isn't me! What am I?
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ECONOMIC SYSTEM The assorted institutions that society uses to answer the three basic questions of allocation and address the fundamental problem of scarcity. Another, more popular term for economic system is economy. An economy, or economic system, is the structural framework in which households, businesses, and governments undertake the production and consumption decisions that allocate limited resources to satisfy unlimited wants and needs.
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The Risky Business Of INSURANCEWe've avoided the clutches of Smilin' Ted, the insurance guy, during our saunter through economy, but our luck has run out. Here he comes, ready to offer you, me, and everyone else within earshot the chance to buy auto, health, life, and property insurance. If you really, REALLY care to ask, I'm sure that Smilin' Ted has other insurance possibilities as well. But, I'm not going to ask. If YOU want to know, then YOU have to ask.
Tell me more...
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Post WWI induced hyperinflation in German in the early 1900s raised prices by 726 million times from 1918 to 1923.
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"We tend to forget that happiness doesn't come as a result of getting something we don't have, but rather of recognizing and appreciating what we do have." -- Fredrick Koeing
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FMV
Fair Market Value
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