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October 16, 2018 

AmosWEB means Economics with a Touch of Whimsy!

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INEFFICIENCY: When the economy is NOT obtaining the highest level of consumer satisfaction from the available resources. Inefficiency occurs if it is possible to reallocate resources in a way that would generate greater satisfaction.

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SMITH, ADAM: A Scottish professor (born 1723, died 1790) who is considered the father of modern economics for his revolutionary book, entitled An Inquiry into the Nature and Causes of the Wealth of Nations published in 1776.

     See also | The Wealth of Nations | classical economics | flexible prices | Say's law | saving-investment equality | efficiency | entrepreneurship | laissez faire |


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SMITH, ADAM, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2018. [Accessed: October 16, 2018].


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SOCIAL SCIENCE

The scientific study of society--of human behavior and of social interactions. Economics is one of several social sciences. Others are sociology, political science, and anthropology. Economics is considered a social science because it seeks to explain how society deals with the scarcity problem.

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APLS

GRAY SKITTERY
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Today, you are likely to spend a great deal of time at a flea market looking to buy either a T-shirt commemorating next Thursday or a birthday gift for your uncle. Be on the lookout for deranged pelicans.
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This isn't me! What am I?

The portrait on the quarter is a more accurate likeness of George Washington than that on the dollar bill.
"Success is more a function of consistent common sense than it is of genius. "

-- An Wang, industrialist

AID
Agency for International Development
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