Examlex
A promissory note is a document specifying the terms and conditions of a loan, including the amount, interest rate, and repayment schedule.
Inflation
Inflation is the rate at which the general level of prices for goods and services is rising, eroding purchasing power over time.
Ceteris Paribus
A Latin term used in economics to describe the analysis of a condition under the assumption that all other variables remain unchanged.
Scarcity
The basic economic issue arises from unlimited human desires facing limited resources on the planet.
Free Lunch
A term that implies you cannot get something for nothing, often used in the context that every choice has a cost.
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