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March 19, 2024 

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EMPLOYMENT RATE: The ratio of employed persons to the total civilian noninstitutionalized population 16 years old or older. Also termed the employment-population ratio, the employment rate is used as an alternative indicator of the utilization of labor resources.

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WHAT?: One of three basic questions of allocation (the other two are How? and For Whom?). Answering the 'What?' question of allocation determines the types and quantities of goods and services produced with society's limited resources. Should society produce hammocks or hot fudge sundaes? Computers or Cadillacs? Birdfeed or battleships? The production possibilities analysis sets the stage for answering the 'What?' question.

     See also | three questions of allocation | How? | For Whom? | limited resources | unlimited wants and needs | scarcity | efficiency | allocation | production | consumption |


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MARGINAL UTILITY CURVE

A curve illustrating the relation between the marginal utility obtained from consuming an additional unit of good and the quantity of the good consumed. The negative slope of the marginal utility curve reflects the law of diminishing marginal utility. The marginal utility curve also can be used to derived the demand curve.

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YELLOW CHIPPEROON
[What's This?]

Today, you are likely to spend a great deal of time at an auction trying to buy either a how-to book on home repairs or a large, stuffed kitty cat. Be on the lookout for deranged pelicans.
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This isn't me! What am I?

John Maynard Keynes was born the same year Karl Marx died.
"Look at the abundance all around you as you go about your daily business. You have as much right to this abundance as any other living creature. It's yours for the asking."

-- Earl Nightingale

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