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In what way is the sample variance a biased estimator of the population variance and how do we correct for this bias?
Price Level
An index that measures the average prices of goods and services in an economy over a period of time.
Given Up
The cost of forgoing the next best alternative when making a decision, also known as opportunity cost.
Looking For Work
The activity engaged in by individuals who are seeking employment, often considered a measure of labor market activity.
Business Cycle
The fluctuations in economic activity that an economy experiences over a period of time, consisting of expansions, or periods of growth, and contractions, or periods of decline.
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