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HOARDING: The act of accumulating assets, especially goods or money, over and above that needed for immediate use based on the fear or expectation of future shortages and higher prices. For example, concerns about a worldwide shortage of sugar and chocolate might prompt a consumer to purchase several hundred boxes of candy, which are stored in a wine cellar. Alternatively, someone fearing a global collapse of the financial system might be inclined to pack pillow cases with bundles of cash or stockpile gold bullion in the closet. Such hoarding, if widely practiced, can actually contribute to the anticipated shortage and higher prices.
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AVERAGE TOTAL COST CURVE A curve that graphically represents the relation between average total cost incurred by a firm in the short-run product of a good or service and the quantity produced. The average total cost curve is constructed to capture the relation between average total cost and the level of output, holding other variables, like technology and resource prices, constant. The average total cost curve is one of three average curves. The other two are average variable cost curve and average fixed cost curve. A related curve is the marginal cost curve.
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ORANGE REBELOON
[What's This?]
Today, you are likely to spend a great deal of time at a dollar discount store seeking to buy either a T-shirt commemorating the first day of winter or software that won't crash your computer. Be on the lookout for fairy dust that tastes like salt.
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Ragnar Frisch and Jan Tinbergen were the 1st Nobel Prize winners in Economics in 1969.
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"Concentration is the secret of strength in politics, in war, in trade, in short in all management of human affairs. " -- Ralph Waldo Emerson, philosopher, poet
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AR(N)
A nth-order Autoregressive Process
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