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GOVERNMENT ENTERPRISES: Government owned and operated productive activities that operate much like private sector firms. They hire resources and purchase other inputs, then produce goods that are sold through markets. In some cases, government enterprises compete directly with private firms. One common example of a government enterprise is a city-operated electrical generation and distribution system. In some cities, this service is provided by private, for-profit, businesses and in other cities it is provided by government. Other examples of government enterprises include urban transportation systems, parks and recreational facilities, and communication systems.
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ECONOMIC COST An alternative term for opportunity cost, which is the highest valued alternative foregone in the pursuit of an activity. Opportunity cost, or economic cost, is one of the most fundamental concepts used in the study of economics, hence the reason it is also termed economic cost. Economic, or opportunity cost is also commonly termed just cost.
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WHITE GULLIBON
[What's This?]
Today, you are likely to spend a great deal of time watching infomercials hoping to buy either a replacement battery for your pocket calculator or a how-to book on home remodeling. Be on the lookout for cardboard boxes.
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This isn't me! What am I?
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In the Middle Ages, pepper was used for bartering, and it was often more valuable and stable in value than gold.
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"We may affirm absolutely that nothing great in the world has been accomplished without passion." -- Hegel
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NLLS
Nonlinear Least Squares
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