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March 23, 2019 

AmosWEB means Economics with a Touch of Whimsy!

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AR: The abbreviation for average revenue, which is the revenue received for selling a good, per unit of output sold, found by dividing total revenue by the quantity of output. Average revenue actually goes by a simpler and more widely used term... price. Average revenue is really a fancy-schmancy term for the price received by a seller for selling a good. However, using the longer term average revenue let's us see the connection with other terms, like total revenue, marginal revenue, and quantity.

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STANDARD OF DEFERRED PAYMENT: The money function in which money is used as a standard benchmark for specifying future payments for current purchases, that is, buying now and paying later. This function may seem obscure, but it is a direct result of the store of value and measure of value functions. This is one of four basic functions of money. The other three are medium of exchange, measure of value, and store of value.

     See also | money | money functions | price | medium of exchange | measure of value | unit of account | store of value | interest rate | inflation premium |


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STANDARD OF DEFERRED PAYMENT, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2019. [Accessed: March 23, 2019].


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FALLACY OF FALSE CAUSE

The logical fallacy of arguing that two events have a causal connection because they are correlated (that is, happen at about the same time). In other words, one event is erroneously assumed to cause the other. This fallacy is the nemesis of the ongoing scientific pursuit to discover the laws of cause and effect.

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Today, you are likely to spend a great deal of time lost in your local discount super center seeking to buy either a large, stuffed kitty cat or a cross-cut paper shredder. Be on the lookout for spoiled cheese hiding under your bed hatching conspiracies against humanity.
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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.
"It is not the straining for great things that is most effective; it is the doing of the little things, the common duties, a little better and better."

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