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A POSTERIORI: A conclusion reached through logical reasoning based on facts and observations about the real world. This notion is closely related to the scientific verification of hypotheses and the identification of principles. A similar sounding, but opposite term is a prior, which is a unverified presumption made before an analysis is undertaken. For example, in the study of economics of crime you might assume, a priori, that people are basically "good", and conclude, a posteriori, that people are more likely to commit crimes when the threat of capture and conviction is lower.

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Lesson 10: Gross Domestic Product | Unit 5: Issues Page: 23 of 25

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The study of gross domestic product is important for at least for two reasons.
  • First, Scarcity. Real GDP indicates how well the economy is addressing the economic problem of scarcity.
  • Second, Stability. Real GDP is a key measurement for analyzing economic instability and business cycles.

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PARADOX OF THRIFT

The notion that an increase in saving, which is generally good advice for an individual during bad economic times, can actually worsen the macroeconomy causing a reduction in aggregate income, production, and paradoxically a decrease in saving. The paradox of thrift is an example of the fallacy of composition stating that what is true for the part is not necessarily true for the whole.

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ORANGE REBELOON
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Today, you are likely to spend a great deal of time at a crowded estate auction seeking to buy either a birthday greeting card for your father or a T-shirt commemorating the first day of spring. Be on the lookout for broken fingernail clippers.
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There were no banks in colonial America before the U.S. Revolutionary War. Anyone seeking a loan did so from another individual.
"In order to create there must be a dynamic force, and what force is more potent than love."

-- Igor Stravinsky, violinist

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