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WIDGET: A fictitious good commonly used by economic instructors to demonstrate economic principles or undertake hypothetical analyses. For example, the analysis of short-run production for a firm might be demonstrated through the production of widgets. Alternatively, the law of demand might be illustrated with a table or curve comparing the price of widgets with the quantity demanded of widgets. If such a good exists, and there is no clear evidence that widgets have every existed, it is a small mechanical device, constructed of interlocking cogs, several knobs, and at least one handle. Widgets are most often used when thingamajigs and dohickies are unavailable.
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CONSUMER SOVEREIGNTY The notion that consumers ultimately determine what goods and services are produced and how the economy's limited resources are used based on the purchases they make. Consumers thus reign over the economy as sovereign rulers.
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GRAY SKITTERY
[What's This?]
Today, you are likely to spend a great deal of time flipping through mail order catalogs looking to buy either a wall poster commemorating yesterday or pink cotton balls. Be on the lookout for the last item on a shelf.
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The word "fiscal" is derived from a Latin word meaning "moneybag."
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"No amount of business school training or work experience can teach what is ultimately a matter of personal character. " -- Truett Cathy, Chick-fil-A Inc. founder
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AASB
American Assocation of Small Business
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