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ECONOMIC DEVELOPMENT: The process of improving the economy's ability to satisfy consumers wants and needs. Unlike economic growth, which is concerned with year to year increases in production, economic development deals more with the basic fabric of society, especially the institutions that govern the way our economy and society functions. As such, a lesser developed nation is not only likely to have a low levels of production and limited amount capital, but also cultural beliefs and government practices that prevent more effective use of the capital.

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FALLACY OF DIVISION

The logical fallacy of arguing that what is true for the whole is also true for the parts. In the study of economics, this takes the form of assuming that what works for the aggregate, or macroeconomy, also works for parts of the economy, such as households or businesses. The contrasting fallacy is the fallacy of composition.

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Today, you are likely to spend a great deal of time watching infomercials looking to buy either a cell phone case or a pair of designer sunglasses. Be on the lookout for a thesaurus filled with typos.
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The first U.S. fire insurance company was established by Benjamin Franklin in 1752 in Philadelphia.
"If a man hasn't discovered something that he will die for, he isn't fit to live. "

-- Martin Luther King Jr., clergyman

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Quarterly Journal of Economics
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