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April 1, 2023 

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ADAM SMITH: A Scottish professor (born 1723, died 1790) who is considered the father of modern economics for his revolutionary book, entitled An Inquiry into the Nature and Causes of the Wealth of Nations published in 1776.

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PSYCHOLOGICAL LAW: A principle of consumption behavior proposed by John Maynard Keynes stating that people have the propensity to spend a large fraction, but not all, of any additional income received. This psychological law is a key principle reflected in the consumption-income relation and the marginal propensity to consume that underlie Keynesian economics.

     See also | Keynesian economics | John Maynard Keynes | consumption | consumption line | marginal propensity to consume | marginal propensity to save | multiplier | Keynesian cross | aggregate expenditures |


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CARTEL

A formal agreement between businesses in the same industry, usually on an international scale, to gain market control, raise the market price, and otherwise act like a monopoly. The most famous international cartel is the Organization of Petroleum Exporting Countries (OPEC), which seeks to exert control over the world oil market. Other cartels have existed, or still exist, in the global markets for uranium, diamonds, long distance telephone services, and airlines.

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Today, you are likely to spend a great deal of time at a garage sale wanting to buy either a birthday greeting card for your grandmother or a coffee cup commemorating yesterday. Be on the lookout for high interest rates.
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Okun's Law posits that the unemployment rate increases by 1% for every 2% gap between real GDP and full-employment real GDP.
"If we all did the things we are capable of doing, we would literally astound ourselves."

-- Thomas Edison

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