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VERIFIED PRINCIPLE: A generally accepted, verified, fundamental law of nature that has been tested against and verified with real world data. A verified principle begins as an hypotheses implied by a theory, which is then compared against real world observations. If the hypothesis is consistently supported by data, it achieves the rank "verified" principle. This should be contrasted with unverifiable axiom.

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Lesson 3: Scarcity | Unit 4: College Cost Page: 13 of 17

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With foregone income the costs of attending college is closer to $70,000 than the $7,000 tuition payment.
  • Overall total depends on subjective values placed on other activities, like sleeping and entertainment. (Note the second rule of subjectivity.)
  • What about other costs of attending college? It depends on the whether or not you give up something to pursue the activity of attending college.
  • Room and board? Because you would have eaten and slept even if had you not attended college, room and board is not an expense of going to college, it's just an expense of life.
  • Opportunity cost results from giving up something.

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SUPPLY SPACE

The area on or above a supply curve that indicates all possible price-quantity combinations acceptable to sellers. Buyers are willing and able to purchase any price-quantity combination that places them on or above the supply curve, but not above.

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APLS

RED AGGRESSERINE
[What's This?]

Today, you are likely to spend a great deal of time searching for a specialty store trying to buy either a pair of red and purple designer socks or a T-shirt commemorating Thor Heyerdahl's Pacific crossing aboard the Kon-Tiki. Be on the lookout for florescent light bulbs that hum folk songs from the sixties.
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This isn't me! What am I?

A communal society, a prime component of Karl Marx's communist philosophy, was advocated by the Greek philosophy Plato.
"The vacuum created by failure to communicate will quickly be filled with rumor, misrepresentations, drivel and poison. "

-- C. Northcote Parkinson, historian

JEMS
Journal of Economics and Management Strategy
A PEDestrian's Guide
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