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EDUCATION: An increase in the knowledge or skills processed by people. Education is generally view from a "formal" perspective, in which "students" sit in classrooms attuned to enthralling lectures from teachers before they are forced to reveal their education through exams. Education, however, can be much less formal, acquired on the job or through the real word experiences. An important economic aspect of is how it enhances the productivity of labor by increasing human capital. Education, in fact, has been one of the prime sources of economic growth and improved living standards.
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ASSUMPTIONS, CLASSICAL ECONOMICS Classical economics, especially as directed toward macroeconomics, relies on three key assumptions--flexible prices, Say's law, and saving-investment equality. Flexible prices ensure that markets adjust to equilibrium and eliminate shortages and surpluses. Say's law states that supply creates its own demand and means that enough income is generated by production to purchase the resulting production. The saving-investment equality ensures that any income leaked from consumption into saving is replaced by an equal amount of investment. Although of questionable realism, these three assumptions imply that the economy would operate at full employment.
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GREEN LOGIGUIN
[What's This?]
Today, you are likely to spend a great deal of time looking for a downtown retail store wanting to buy either a rotisserie oven that can also toast bread or a flower arrangement in a coffee cup for your father. Be on the lookout for empty parking spaces that appear to be near the entrance to a store.
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This isn't me! What am I?
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Lombard Street is London's equivalent of New York's Wall Street.
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"Do not stop thinking of life as an adventure. You have no security unless you can live bravely, excitingly, imaginatively, unless you can choose a challenge instead of a competence. " -- Eleanor Roosevelt, first lady
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OLS
Ordinary Least Squares
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