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THREE QUESTIONS OF ALLOCATION: The three basic questions that an economy must answer because of limited resources and unlimited wants and needs are: What? How? and For Whom? The basic problem of scarcity requires every society to determine: What goods to produce? How to produce the goods? and Who receives the goods that are produced?
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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. See also | principle | law | hypothesis | data | empirical | verification | theory | scientific method | a priori | world view | axiom | assumption |
Recommended Citation:A POSTERIORI, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2023. [Accessed: April 2, 2023].
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ECONOMIC SYSTEM The assorted institutions that society uses to answer the three basic questions of allocation and address the fundamental problem of scarcity. Another, more popular term for economic system is economy. An economy, or economic system, is the structural framework in which households, businesses, and governments undertake the production and consumption decisions that allocate limited resources to satisfy unlimited wants and needs.
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WHITE GULLIBON
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Today, you are likely to spend a great deal of time searching the newspaper want ads hoping to buy either clothing for your pet dog or an ink cartridge for your printer. Be on the lookout for fairy dust that tastes like salt.
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The wealthy industrialist, Andrew Carnegie, was once removed from a London tram because he lacked the money needed for the fare.
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"Before you can inspire with emotion, you must be swamped with it yourself. Before you can move their tears, your own must flow. To convince them, you must yourself believe." -- Sir Winston Churchill
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Osaka Securities Exchange (Japan)
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