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January 20, 2019 

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UNVERIFIABLE AXIOM: A basic precondition or assumption underlying a theory that can not be tested against real world data, but must accepted without verification. Unverifiable axioms are commonly derived from personal beliefs, political views, and cultural values.

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MUTUAL FUND: A company that pools the funds of hundreds or thousands of individuals to purchase corporate stocks, bonds, or other financial assets. The objectives of pooling funds is to reduce transactions costs and provide professional management not otherwise available. The most common types of mutual funds are "open-ended," so called because there are no limits on the number of shares issued. Others are "close-ended" because they issue a fixed number of shares that are then traded around. Mutual funds give consumers the chance to get higher interest rates or returns on the financial investment than available through banks. They also provide the opportunity to participant in financial markets that are typically closed to smaller investors.

     See also | corporate stock | bond | interest rate | bank | financial markets | stock market | financial intermediary |


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LONG RUN, MICROECONOMICS

In terms of the microeconomic analysis of production and supply, a period of time in which all inputs under the control of a firm used in the production process are variable. In the long run, labor and capital are variable inputs. The long-run analysis of production reveals the key role played by returns to scale. This is one of four production time periods used in the study of microeconomics. The other three are short run, very long run, and very short run (or market period). The long run is also a time period designation used in the macroeconomic analysis of economic growth and full employment.

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Today, you are likely to spend a great deal of time looking for a downtown retail store hoping to buy either a tall storage cabinet with five shelves and a secure lock or a birthday greeting card for your grandmother. Be on the lookout for poorly written technical manuals.
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More money is spent on gardening than on any other hobby.
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