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December 3, 2021 

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INDIFFERENCE MAP: A graph of two or more indifference curves. Higher indifference curves are associated with higher levels of utility.

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SCIENTIFIC METHOD: A structured way of investigating and explaining the operation of the world by testing and verifying hypothesized relationships. The scientific method is a process of discovery, a method of explaining phenomena that can be better understood with an overview of theory, principles, world view, hypothesis, and verification.

     See also | science | verification | theory | hypothesis | principle | data | phenomenon | physical science | social science | economics | world view | assumption | abstraction | axiom |


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SUPPLY DECREASE

A decrease in the willingness and ability of sellers to sell a good at the existing price, illustrated by a leftward shift of the supply curve. A decrease in supply is caused by a change in a supply determinant and results in a decrease in equilibrium quantity and an increase in equilibrium price. A supply decrease is one of two supply shocks to the market. The other is a supply increase.

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Today, you are likely to spend a great deal of time looking for the new strip mall out on the highway wanting to buy either a 50-foot blue garden hose or a turbo-powered vacuum cleaner. Be on the lookout for gnomes hiding in cypress trees.
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Potato chips were invented in 1853 by a irritated chef repeatedly seeking to appease the hard to please Cornelius Vanderbilt who demanded french fried potatoes that were thinner and crisper than normal.
"If a man hasn't discovered something that he will die for, he isn't fit to live. "

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Net Present Value
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