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December 12, 2018 

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MAJORITY RULE: A voting rule in which decisions are made based on the majority of those casting a vote. That is, the candidate or program receiving the majority of the votes is the winner. The majority is defined as one vote more than fifty percent of the total number of votes cast. If 100 votes are cast, the majority is 51 votes. If 100 million votes are cast, the majority is 50 million and one (50,000,001). This is perhaps the most common of several voting rules. Others include super majority, unanimity, and plurality.

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3-6-3 RULE: An informal rule of operation of savings and loan associations in the 1950s and 1960s in which a 3 percent interest was paid on savings accounts, a 6 percent interest was charged for mortgage loans, and the president was playing golf by 3:00 o'clock in the afternoon. This informal rule is used to indicate that the savings and loan industry during this period was far removed from the high-stressed financial markets that characterize modern banking.

     See also | savings and loan association | bank | loan | saving | deposit | financial market | Federal Home Loan Bank |


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AVERAGE PRODUCT CURVE

A curve that graphically illustrates the relation between average product and the quantity of the variable input, holding all other inputs fixed. This curve indicates the per unit output at each level of the variable input. The average product curve is one of three related curves used in the analysis of the short-run production of a firm. The other two are total product curve and marginal product curve.

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Today, you are likely to spend a great deal of time calling an endless list of 800 numbers seeking to buy either a green and yellow striped sweater vest or a Boston Red Sox baseball cap. Be on the lookout for empty parking spaces that appear to be near the entrance to a store.
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Potato chips were invented in 1853 by a irritated chef repeatedly seeking to appease the hard to please Cornelius Vanderbilt who demanded french fried potatoes that were thinner and crisper than normal.
"Defeat is simply a signal to press onward."

-- Helen Keller, lecturer, author

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