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SERVICE: An activity that provides direct satisfaction of wants and needs without the production of a tangible product or good. Examples include information, entertainment, and education. This term service should be contrasted with the term good, which involves the satisfaction of wants and needs with tangible items. You're likely to see the plural combination of these two into a single phrase, "goods and services," to indicate the wide assortment of economic production from the economy's scarce resources.
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OLIGOPOLY AND MONOPOLISTIC COMPETITION Oligopoly and monopolistic competition have some similarities, but also have a few important differences. Both are examples of imperfect competition on the market structure continuum between ideals of perfect competition and monopoly. However, oligopoly contains a small number of large firms and monopolistic competition contains a large number of small firms. The dividing line between oligopoly and monopolistic competition can be blurred due to the number of firms in the industry.
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YELLOW CHIPPEROON
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Today, you are likely to spend a great deal of time strolling around a discount warehouse buying club hoping to buy either a genuine down-filled pillow or one of those "hang in there" kitty cat posters. Be on the lookout for slightly overweight pizza delivery guys.
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It's estimated that the U.S. economy has about $20 million of counterfeit currency in circulation, less than 0.001 perecent of the total legal currency.
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"The greatest barrier to success is the fear of failure." -- Sven Goran Eriksson, writer
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ICC
International Chamber of Commerce
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