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VARIABLE: A quantity, usually represented as a symbol, that can take on one of a set of values. Variables play a key role in the scientific method and economic analysis. A major task undertaken by the study of economics is to identify the specific value of variables such as price, quantity, unemployment, production, wages, income, among a host of others. This often accomplished using assorted models, such as the market model.
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INVISIBLE HAND The notion that buyers and sellers, consumers and producers, households and businesses, by pursuing their own self-interests do what is best for the economy automatically without any government intervention, as if guided by an invisible hand.
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BEIGE MUNDORTLE
[What's This?]
Today, you are likely to spend a great deal of time flipping through the yellow pages wanting to buy either a birthday greeting card for your grandfather or a weathervane with a cow on top. Be on the lookout for letters from the Internal Revenue Service.
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The average bank teller loses about $250 every year.
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"Success is going from failure to failure without a loss of enthusiasm. " -- Winston Churchill, British statesman
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CPI-W
Consumer Price Index-Urban Wage Earners and Clerical Workers
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