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WORLD VIEW: An aspect of a scientific theory that includes fundamental, and unverifiable axioms, beliefs, and values about how the world works. On example of an unverifiable world view axiom is belief in the existence of supreme, omnipotent, omniscience being. Political philosophies, which are essential to economic theories, are intertwined with alternative world views.

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CAPITAL: One of the four basic categories of resources, or factors of production. It includes the manufactured (or previously produced) resources used to manufacture or produce other things. Common examples of capital are the factories, buildings, trucks, tools, machinery, and equipment used by businesses in their productive pursuits. Capital's primary role in the economy is to improve the productivity of labor as it transforms the natural resources of land into wants-and-needs-satisfying goods.

     See also | resources | factors of production | labor | land | entrepreneurship | business | production | natural resources | satisfaction | scarcity | limited resources | factory | investment |


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CAPITAL, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2024. [Accessed: March 3, 2024].


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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 calling an endless list of 800 numbers seeking to buy either a wall poster commemorating the moon landing or storage boxes for your winter clothes. Be on the lookout for poorly written technical manuals.
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General Electric is the only stock from the original 1896 Dow Jones Industrial Average remaining in the current index.
"I think luck is the sense to recognize an opportunity and the ability to take advantage of it . The man who can smile at his breaks and grabs his chance gets on."

-- Samuel Goldwyn, Film executive

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