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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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ENDPOINT ELASTICITY FORMULA

A simple technique for calculating the coefficient of elasticity by estimating the elasticity for discrete changes in two variables using the initial values of each. The distinguishing characteristic of this formula is that percentage changes are calculated based on the initial values of each variable. An alternative technique is the midpoint elasticity formula.

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PINK FADFLY
[What's This?]

Today, you are likely to spend a great deal of time searching for a specialty store trying to buy either a rim for your spare tire or decorative celebrity figurines. Be on the lookout for neighborhood pets, especially belligerent parrots.
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Approximately three-fourths of the U.S. paper currency in circular contains traces of cocaine.
"Work is an extension of personality. It is achievement. It is one of the ways in which a person defines himself, measures his worth ‚ and his humanity. "

-- Peter Drucker, author

CPI-U
Consumer Price Index-All Urban Consumers
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