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HDI: An abbreviation of the Human Development Index, whichn is a summary composite index that measures a country's average achievements in three basic aspects of human development: longevity, knowledge, and a decent standard of living. Longevity is measured by life expectancy at birth; knowledge is measured by a combination of the adult literacy rate and the combined primary, secondary, and tertiary gross enrollment ratio; and standard of living is measured by GDP per capita. The Human Development Index (HDI), reported in the Human Development Report of the United Nations, is an indication of where a country is development wise. The index can take value between 0 and 1. Countries with an index over 0.800 are part of the High Human Development group. Between 0.500 and 0.800, countries are part of the Medium Human Development group and below 0.500 they are part of the Low Human Development group.

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MODEL: An abstract representation of the real world that is usually based on scientific theories, principles, and hypotheses. The feature of a model that bears emphasizing is that it is an abstract representation of real world phenomenon. For economic models, this abstraction usually takes the form of words, graphs, or equations.

     See also | abstraction | abstraction methods | economic analysis | theory | scientific method | phenomenon | market | demand curve | supply curve | price | quantity |


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MODEL, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2022. [Accessed: July 4, 2022].


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SELLERS' EXPECTATIONS, SUPPLY DETERMINANT

The expectations that sellers have concerning the future price of a good, which is assumed constant when a supply curve is constructed. If sellers expect a higher price, then supply decreases. If sellers expect a lower price, then supply increases. Sellers' expectations are one of five supply determinants that shift the supply curve when they change. The other four are resource prices, production technology, other prices, and number of sellers.

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Today, you are likely to spend a great deal of time at a garage sale trying to buy either a T-shirt commemorating Thor Heyerdahl's Pacific crossing aboard the Kon-Tiki or a wall poster commemorating the 2000 Olympics. Be on the lookout for door-to-door salesmen.
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This isn't me! What am I?

Woodrow Wilson's portrait adorned the $100,000 bill that was removed from circulation in 1929. Woodrow Wilson was removed from circulation in 1924.
"Opportunities are usually disguised as hard work, so most people don't recognize them."

-- Ann Landers, columnist

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