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June 16, 2024 

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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. On example of an unverifiable world view axiom is belief in the existence of supreme, omnipotent, omniscience being. Political philosophies, which are essential to economic theories, are intertwined with alternative world views.

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TROUGH: The transition of a business cycle from a contraction and an expansion. The end of a contraction carries the descriptive term trough. At the trough, the economy has reached the lowest level of production in recent times. The good thing about a trough, however, is that it is a turning point, a turning point to an expansion. So even though a peak is the "lowest" is not necessarily something that's undesirable.

     See also | business cycle | contraction | expansion | recession | peak |


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TROUGH, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2024. [Accessed: June 16, 2024].


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SATISFACTION

The process of successfully fulfilling wants and needs. This also goes by the technical economic term utility, and is essentially synonymous with more common words, such as fulfillment, well-being, and to some degree prosperity or happiness.

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