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July 24, 2024 

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PHENOMENON: An event or action that is subject to investigation using the scientific method. Phenomena are the sorts of things that science seeks to explain. While the term phenomenon might entice thoughts of UFOs, ghosts, and three-headed turtles, it really just means things that happen, both usual and unusual. The reason for explaining the unusual AND the commonplace is that the scientific method seeks to develop universal theories, with laws and principles that explain all events, not just unexpected ones.

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HEDONIC: Derived from the philosophy of hedonism (that happiness is the chief good in life), the notion that value is ultimately dependent on the satisfaction of wants and needs. The word hedonic is most often used together with the word price, as in hedonic price. This suggests the view that price is based on the satisfaction generated by consuming a good, regardless of the source of the satisfaction. This notion of hedonic is closely related to, and largely indistinguishable from, the more common concept of utility.

     See also | satisfaction | price | hedonic price | utility | wants and needs | hedonic pricing model | second rule of subjectivity | consumption |


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HEDONIC, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2024. [Accessed: July 24, 2024].


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LAW OF DIMINISHING MARGINAL RETURNS

A principle of short-run production stating that as a firm combines more of a variable input with a fixed input, the marginal product of the variable input eventually declines. This is THE economic principle underlying the analysis of short-run production for a firm. It offers an explanation for the law of supply and the positive slope of the market supply curve.

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WHITE GULLIBON
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Today, you are likely to spend a great deal of time at a crowded estate auction trying to buy either high-gloss photo paper that works with your printer or a desktop calendar with all federal and state holidays highlighted. Be on the lookout for gnomes hiding in cypress trees.
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Approximately three-fourths of the U.S. paper currency in circular contains traces of cocaine.
"The secret of a good memory is attention, and attention to a subject depends upon our interest in it. We rarely forget that which has made a deep impression on our minds. "

-- Tyron Edwards, theologian

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