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A POSTERIORI: A conclusion reached through logical reasoning based on facts and observations about the real world. This notion is closely related to the scientific verification of hypotheses and the identification of principles. A similar sounding, but opposite term is a prior, which is a unverified presumption made before an analysis is undertaken. For example, in the study of economics of crime you might assume, a priori, that people are basically "good", and conclude, a posteriori, that people are more likely to commit crimes when the threat of capture and conviction is lower.
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Lesson 6: Supply | Unit 1: Selling Basics
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Page: 4 of 19
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- Supply as the range of prices and quantities that sellers are willing and able to sell at different prices.
- Why sellers must be both willing and able to sell a good to have a supply. While willingness can influence some supply, ability, which is based on production cost, is more important.
- Why supply includes a range of prices and quantities, not just a specific quantity.
- Why supply is analyzed during a given time period.
- That supply price as the minimum price sellers would be willing and able to accept for a given quantity.
- That quantity supplied is the specific quantity sellers would be willing and able to sell at a specific price.
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FALLACY OF COMPOSITION The logical fallacy of arguing that what is true for the parts is also true for the whole. In the study of economics, this takes the form of assuming that what works for parts of the economy, such as households or businesses, also works for the aggregate, or macroeconomy. The contrasting fallacy is the fallacy of division.
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GRAY SKITTERY
[What's This?]
Today, you are likely to spend a great deal of time watching infomercials hoping to buy either an AC adapter for your CD player or storage boxes for your family photos. Be on the lookout for telephone calls from long-lost relatives.
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Natural gas has no odor. The smell is added artificially so that leaks can be detected.
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"Inside the ring or out, ain't nothing wrong with going down. It's staying down that's wrong. " -- Muhammad Ali
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ANN REPT
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