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THIRD ESTATE: In past centuries, this included the peasants, serfs, or slaves who performed the dirty deeds for the ruling elite. In modern times, this is the workers, taxpayers, and consumers who have limited ownership of and control over resources usually nothing more than their own labor. The third estate, which forms the backbone of any modern economy, is usually at odds with the business leaders of the second estate. Help may come from the government leaders of the first estate or the journalist of the fourth estate--but don't count on it.
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Lesson 7: Market Equilibrium | Unit 1: The Exchange
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Competition (especially our fourth rule of competition) brings out the best among buyers and sellers, that is, efficient use of resources.- Competition among sellers forces them to supply the most wanted products at the lowest resource cost.
- Competition among buyers forces them to spend their limited incomes on the most satisfying goods.
- Less competition among sellers than among buyers lets the sellers charge higher prices.
- Less competition among buyers than among sellers lets the buyers pay lower prices.
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BANK RESERVES Assets used by banks to back up deposits and to conduct daily transactions, including withdrawing funds, "cashing" checks, and transferring funds between banks to "clear" checks. Reserves, also termed bank reserves or legal reserves, includes two types of assets: vault cash and Federal Reserve deposits. These legal reserves are then divided between require reserves and excess reserves. Required reserves are used to back up deposits and excess reserves are used for loans.
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YELLOW CHIPPEROON
[What's This?]
Today, you are likely to spend a great deal of time searching for a specialty store seeking to buy either a printer that works with your stockpile of ink cartridges or income tax software. Be on the lookout for spoiled cheese hiding under your bed hatching conspiracies against humanity.
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North Carolina supplied all the domestic gold coined for currency by the U.S. Mint in Philadelphia until 1828.
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"The road to success is always under construction. " -- Lily Tomlin, Actress
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PPC
Production Possibilities Curve
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