AmosWEB is Economics: GLOSS*arama

Thursday
September 2, 2010

AmosWEB means Economics with a Touch of Whimsy!

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208.7

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ASIAN DEVELOPMENT BANK: A multilateral development finance institution dedicated to reducing poverty in Asia and the Pacific that engages in mostly public sector lending for development purposes in its developing member countries. They pursue this goal by helping to improve the quality of people's lives providing loans and technical assistance for a broad range of development activities. ADB raises fund through bond issues on the world's capital markets but they also rely on members' contributions. The ADB was established in 1966 and has its headquarters in Manila, Philippines. As of September of 2003, the ADB had 58 member countries.

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Most Viewed (Number)

production possibilities curve (480)
monopolistic competition (415)
oligopoly (396)
law of increasing opportunity cost (392)
midpoint elasticity formula (340)

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MONEY ILLUSION: The erroneous perception that a change in nominal wages or income results in an equal change in real wages or income. Money illusion occurs due to a difference between the actual prices and perceived prices. In particular, people usually have better information about nominal wages or income received than the prices paid for goods and services. For example, a worker might receive a 10 percent increase in nominal wages view this as a 10 percent increase in real wages (and living standard) by failing to recognize that the price level in the economy has also increased by 10 percent. Money illusion is one reason underlying the positive slope of the short-run aggregate supply curve.

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MONEY ILLUSION, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2010. [Accessed: September 2, 2010].

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FALLACY OF DIVISION

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

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State of the ECONOMY

Consumer Price Index W
June 2010
213.839
Up 1.4% from June 2009

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Today, you are likely to spend a great deal of time browsing about a thrift store looking to buy either storage boxes for your summer clothes or 500 feet of coaxial cable. Be on the lookout for neighborhood pets, especially belligerent parrots.
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