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March 28, 2024 

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HYPOTHESIS: A reasonable proposition about the workings of the world that's inspired or implied by a theory and which may or may not be true. An hypothesis is essentially a prediction made by a theory that can be compared with observations in the real world. Hypotheses usually take the form: "If A, the also B." The essence of the scientific method is to test, or verify, hypotheses against real world data. If supported by data over and over again, hypotheses become principles.

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SUPPLY-MANAGEMENT POLICIES: Government policies designed to stabilize the economy by changing aggregate supply. Some noted supply-management policies are deregulation, education, technology, and investment incentive; all designed to improve the productive capabilities of the economy's resources.

     See also | stabilization policies | aggregate supply | business cycles | supply-side economics | investment | deregulation | technology | education |


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SUPPLY-MANAGEMENT POLICIES, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2024. [Accessed: March 28, 2024].


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COMPARATIVE ADVANTAGE

The ability to produce one good at a relatively lower opportunity cost than other goods, especially compared to production in another country. Every person or country has a comparative advantage in production of at least one good or service, even with relatively limited production technology. A related, but contrasting concept is absolute advantage. Both terms are perhaps most important to the study of international trade, but also provide insight into other exchanges.

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GRAY SKITTERY
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Today, you are likely to spend a great deal of time strolling through a department store looking to buy either a set of serrated steak knives, with durable plastic handles or a pair of blue silicon oven mitts. Be on the lookout for pencil sharpeners with an attitude.
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The portrait on the quarter is a more accurate likeness of George Washington than that on the dollar bill.
"Good judgment comes from experience, and often experience comes from bad judgment."

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