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February 22, 2019 

AmosWEB means Economics with a Touch of Whimsy!

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VERTICAL AXIS: In a graph, this is one of two lines that intersect at a right angle. This is the 'Y-axis' that runs up and down.

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ASSUMPTION

An initial condition or statement of a model or theory that sets the stage for an analysis by abstracting from the real world. Assumptions are important to economic analysis. Some assumptions are used to simplify a complex analysis into more easily manageable parts. Other assumptions are used as control conditions that are subsequently changed to evaluate the consequences.

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The Crystal Ball Of ECONOMIC FORECASTING

How often has this happened to you? You've packed a tasty picnic lunch, donned your spiffy-looking swimwear, loaded up the beach blanket and umbrella, then headed for the artificial waves of the local Happy-Time Gala-World Fun-Land Water Park expecting bright sunshine and warm temperatures. However, upon reaching Happy-Time Gala-World Fun-Land Water Park you find that the economy has fallen into a deep recession, with high unemployment rates and sluggish production, and the owners of the Happy-Time Gala-World Fun-Land Water Park have been forced to turn off the artificial wave machine, dismantle the water slides, and drain the pool. (It's also raining and 50 degrees. We will, however, ignore those problems because this isn't A Pedestrian's Guide to Meteorology.)
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PINK FADFLY
[What's This?]

Today, you are likely to spend a great deal of time visiting every yard sale in a 30-mile radius looking to buy either several orange mixing bowls or clothing for your pet dog. Be on the lookout for fairy dust that tastes like salt.
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This isn't me! What am I?

Much of the $15 million used by the United States to finance the Louisiana Purchase from France was borrowed from European banks.
"Be willing to have it so. Acceptance of what has happened is the first step to overcoming the consequences of any misfortune."

-- William James, Psychologist

LF
Labor Force, Laissez-Faire
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