When two ratios are equal, they are a ''[[proportion]]''.
When two ratios are equal, they are a ''[[proportion]]''.
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All prices of goods and services are ratios.
==Example of a ratio==
==Example of a ratio==
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*[[Texas]] is approximately 16 times the size of the [[Netherlands]]. Thus the ratio of the size of Texas to the Netherlands would be 16 to 1, written as 16:1.
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[[Texas]] is approximately 16 times the size of the [[Netherlands]]. Thus the ratio of the size of Texas to the Netherlands would be 16 to 1, written as 16:1.
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*a wage rate of $10 ''per'' hour is expressed as 10:1.