DEVOLUTION Definition

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DEVOLUTION is the delegation of authority from higher to lower levels.

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GOING SHORT is the selling of commodities, bonds, or stock before actually buying it. This happens when a dealer or investor believes the price of the item (on the date of its delivery to the buyer) will be lower than its current price. He or she expects to make a profit by buying the item on or just before its delivery date. See GOING LONG.

EARNED INCOME is that income realized by the provisioning of goods and services.

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