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June 17, 2025 

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RATIONAL ABSTENTION: The decision not to do something because the cost of doing it is more than the expected benefit. While this is a common part of everyday life, it's particularly important for voting. During a given election, a number of potential voters are likely to chose NOT to vote because they expect to get little or no benefit from doing so.

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ECONOMIC COST: Another term for opportunity cost (the highest valued alternative foregone in the pursuit of an activity) that is used in the study of economics to indicate the fundamental role opportunity cost plays in economics. The value expressed in terms of satisfaction of the foregone activity is your opportunity cost. Because there are usually several alternatives that aren't pursued, opportunity cost is the highest-valued one. An opportunity cost is sometimes compensated with some form of payment, like a wage. However, the existence of an opportunity cost is independent of any actual cash outlay.

     See also | cost | opportunity cost | economics | accounting cost | value | satisfaction |


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ECONOMIC COST, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2025. [Accessed: June 17, 2025].


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FALLACY OF COMPOSITION

The logical fallacy of arguing that what is true for the parts is also true for the whole. In the study of economics, this takes the form of assuming that what works for parts of the economy, such as households or businesses, also works for the aggregate, or macroeconomy. The contrasting fallacy is the fallacy of division.

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BEIGE MUNDORTLE
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Today, you are likely to spend a great deal of time driving to a factory outlet looking to buy either a green and yellow striped sweater vest or a Boston Red Sox baseball cap. Be on the lookout for the last item on a shelf.
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The average length of a "business lunch" is about 36 minutes.
"The secret of getting ahead is getting started. The secret of getting started is breaking your complex, overwhelming tasks into small manageable tasks, and then starting on the first one. "

-- Mark Twain, writer

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