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AMERICAN ENTERPRISE INSTITUTE: A private organization that seeks to maintain and strengthen the foundations of freedom through scholarly research, open debate, and publications. The American Enterprise Institute for Public Policy Research (as it is officially designated) promotes the principles of limited government, private enterprise, vital cultural and political institutions, and a strong foreign policy and national defense. The American Enterprise Institute (AEI) publishes dozens of books and hundreds of articles and reports each year, and an influential policy magazine called The American Enterprise. The AEI is one of the largest and most respected "think tanks" in the United States. The AEI, which was founded in 1943, is located in Washington, D.C.
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SUBSTITUTE: In terms of demand (that is, substitute-in-consumption), one of two goods that replace each other in consumption such that an increase in the price of one good leads to an increase in demand and a rightward shift in the demand curve for the other good. If the demand of good 1 increases as the price of good 2 increases, the goods are substitutes-in-consumption. In terms of supply (that is, substitute-in-production), one of two goods that replace each other in either producing using the same resources in an either/or fashion, such that an increase in the price of one good leads to a decrease in supply and a leftward shift in the supply curve for the other good. If the supply of good 1 decreases as the price of good 2 increases, the goods are substitutes-in-production. See also | demand | supply | substitute-in-consumption | substitute-in-production | consumption | production | demand curve | supply curve | demand determinants | supply determinants | demand shock | supply shock | comparative statics | elasticity |
Recommended Citation:SUBSTITUTE, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2024. [Accessed: April 25, 2024].
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ASSUMPTION An initial condition or statement of a model or theory that sets the stage for an analysis by abstracting from the real world. Assumptions are important to economic analysis. Some assumptions are used to simplify a complex analysis into more easily manageable parts. Other assumptions are used as control conditions that are subsequently changed to evaluate the consequences.
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Three-forths of the gold mined each year is used to manufacture jewelry.
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"Sometimes when you innovate, you make mistakes. It is best to admit them quickly and get on with improving your other innovations. " -- Steve Jobs, Apple Computer founder
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GMB
Good Merchandise Brand
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