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L: This has two common uses. One is as the standard abbreviation for the quantity of labor, especially for the analysis of production. The complementary representations for other inputs are "K" for capital and "N" for population. The second is as the broadest monetary aggregate for the U.S. economy tracked by the Federal Reserve System, best thought of as total liquid assets. It was since be discontinued. In it's heyday, it was comprised of everything in M3 plus other liquid assets, including U.S. Treasury bills, commercial paper, and savings bonds. L was typically 15 to percent higher than M3 and seven times as much as M1. The Federal Reserve System discontinued this measurement in 1998.
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COMPETITION In general, the actions of two or more rivals in pursuit of the same objective. In an economic context, the specific objective pursued is usually either selling goods to buyers or buying goods from sellers.
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A half gallon milk jug holds about $50 in pennies.
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"It is not fair to ask of others what you are unwilling to do yourself. " -- Eleanor Roosevelt, diplomat, activist
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WLLN
Weak Law of Large Numbers
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