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FACTORY: The building and equipment (the physical capital) at a particular location used for the production of goods and services. A factory often takes the form of the conventional assembly-line system, but it need not. As the building and equipment used for production, a factory can also be restaurant, doctor's office, or university classroom. Moreover, while a factory is often associated with the notion of firm or business, they need not be one and the same. A firm can, often does, own more than one factory and a factory can be owned by more than one firm.
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Lesson 9: Consumer Demand | Unit 3: Marginal Utility
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Page: 13 of 22
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Topic:
Getting Satisfied
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An explanation to understand the law of diminishing marginal utility: - The key terms here are satisfaction and fulfillment.
- The first hour fills Edgar's beach frolicking void somewhat, but not completely.
- The third and fourth hours at the beach also add to Edgar's total enjoyment, but not as much as the first and second.
- Eventually, with the sixth or seventh hour, Edgar's beach merriment want (or need) has been totally satiated.
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WORLD VIEW An aspect of a scientific theory that includes fundamental, and unverifiable, axioms, beliefs, and values about how the world works. One example of an unverifiable world view axiom is belief in the existence of a supreme, omnipotent, omniscience being--that is, God. Political philosophies, which are essential to economic theories and policies, are intertwined with alternative world views.
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YELLOW CHIPPEROON [What's This?]
Today, you are likely to spend a great deal of time at a crowded estate auction wanting to buy either a coffee cup commemorating the first day of spring or a printer that works with your stockpile of ink cartridges. Be on the lookout for florescent light bulbs that hum folk songs from the sixties. Your Complete Scope
This isn't me! What am I?
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Much of the $15 million used by the United States to finance the Louisiana Purchase from France was borrowed from European banks.
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"Old age isn't so bad when you consider the alternative. " -- Cato, Roman orator
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CBA Cost Benefit Analysis
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