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ASSUMPTIONS, PRODUCTION POSSIBILITIES: Production possibilities analysis is based on four key assumptions: (1) resources are used to produce one or both of only two goods, (2) the quantities of the resources do not change, (3) technology and production techniques do not change, and (4) resources are used in a technically efficient way.
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EMPIRICAL Based on or relating to the collection or analysis of real world data. The term empirical is commonly used as a modifier to provide contrast with theoretical. Whereas theoretical refers to abstract representations, empirical indicates actual real world observations.
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YELLOW CHIPPEROON
[What's This?]
Today, you are likely to spend a great deal of time at a going out of business sale wanting to buy either super soft, super cuddly, stuffed animals or a large stuffed brown and white teddy bear. Be on the lookout for small children selling products door-to-door.
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This isn't me! What am I?
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In his older years, Andrew Carnegie seldom carried money because he was offended by its sight and touch.
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"Every time you win, it diminishes the fear a little bit. You never really cancel the fear of losing; you keep challenging it. " -- Arthur Ashe, tennis player
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LOCH
London Options Clearing House
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