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ECONOMICS: A social science that studies the allocation of limited resources to the production of goods and services used to satisfy consumer's unlimited wants and needs. Five notable phrases contained in this definition that need further study are: (1) social science, (2) allocation, (3) limited resources, (4) production, and (5) unlimited wants and needs.
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BUYERS' PREFERENCES, DEMAND DETERMINANT The satisfaction that buyers receive from the purchase of a good, which is assumed constant when a demand curve is constructed. Buyers' preferences is one of five demand determinants that shift the demand curve when they change. The other four are buyers' income, other prices, buyers' expectations, and number of buyers.
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PURPLE SMARPHIN
[What's This?]
Today, you are likely to spend a great deal of time lost in your local discount super center seeking to buy either a rechargeable battery for your camera or a coffee cup commemorating the first day of spring. Be on the lookout for a thesaurus filled with typos.
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This isn't me! What am I?
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A thousand years before metal coins were developed, clay tablet "checks" were used as money by the Babylonians.
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"He who has a „why¾ to live can bear with almost any „how."" -- Friedrich Nietzsche, Philosopher
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WPO
Weakly Pareto Optimal
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