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August 23, 2019 

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JUDICIAL POLICY: Government policy based on enforcement of laws and regulations through the courts, especially the Supreme Court.

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RESOURCE ALLOCATION: The process of dividing up and distributing available, limited resources to competing, alternative uses that satisfy unlimited wants and needs. Given that world is rampant with scarcity (unlimited wants and needs, but limited resources), every want and need cannot be satisfied with available resources. Choices have to be made. Some wants and needs are satisfied, some are not. These choices, these decisions are the resource allocation process. An efficient resource allocation exists if society has achieved the highest possible level of satisfaction of wants and needs from the available resources AND resources can not be allocated differently to achieve any greater satisfaction.

     See also | limited resources | satisfaction | unlimited wants and needs | scarcity | efficiency | What? | How? | For Whom? | three questions of allocation | market | government | fifth rule of imperfection | market failures | free market | laissez faire |


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RESOURCE ALLOCATION, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2019. [Accessed: August 23, 2019].


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EMPIRICAL

Based on or relating to the collection or analysis of real world data. The term empirical is commonly used as a modifier to provide contrast with theoretical. Whereas theoretical refers to abstract representations, empirical indicates actual real world observations.

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Today, you are likely to spend a great deal of time at a flea market seeking to buy either a wall poster commemorating the 2000 Presidential election or a rechargeable flashlight. Be on the lookout for empty parking spaces that appear to be near the entrance to a store.
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Approximately three-fourths of the U.S. paper currency in circular contains traces of cocaine.
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