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April 23, 2024 

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SECOND ESTATE: In past centuries, this included kings, queens, dukes and others of the ruling elite. In modern times, this includes business leaders who have extensive ownership of and control over resources, especially capital, entrepreneurship, and land.

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PRICE RIGIDITY: The proposition that some prices adjust slowly in response to market shortages or surpluses. This condition is most important for macroeconomic activity in the short run and short-run aggregate market analysis. In particular, rigid (also termed inflexible or sticky) prices are a key reason underlying the positive slope of the short-run aggregate supply curve. Prices tend to be the most rigid in resource markets, especially labor markets, and the least rigid in financial markets, with product markets falling somewhere in between.

     See also | market | shortage | surplus | equilibrium | aggregate market | short-run aggregate market |


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BALANCE ON MERCHANDISE TRADE

A subset of the balance of payments current account that records the difference between the payments received for exports of goods to other nations and the payments made for the imports of goods from other nations. The goods included are physical or tangible goods, but not intangible services. The balance on merchandise trade is thus appropriately divided into merchandise exported and merchandise imported. Two other subsets of the current account include the balance on services and unilateral transfers. The commonly termed balance of trade is the sum of the balance on merchandise trade and the balance on services.

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Today, you are likely to spend a great deal of time watching the shopping channel seeking to buy either a birthday gift for your mother or a weathervane with a horse on top. Be on the lookout for florescent light bulbs that hum folk songs from the sixties.
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Potato chips were invented in 1853 by a irritated chef repeatedly seeking to appease the hard to please Cornelius Vanderbilt who demanded french fried potatoes that were thinner and crisper than normal.
"You have to find something that you love enough to be able to take risks, jump over the hurdles and break through the brick walls that are always going to be placed in front of you. If you don't have that kind of feeling for what it is you're doing, you'll stop at the first giant hurdle. "

-- George Lucas

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