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May 15, 2025 

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EURO ZONE: The geographic area occupied by the member nations of the European Economic and Monetary Union that share the same currency (euro) and monetary policy.

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MARGINAL ANALYSIS: A basic technique used in the economics that analyzes small, incremental changes in key variables. The economic obsession with marginal changes exists for at least two reasons. One reason is that many economic decisions made in the real world are made "at the margin." A second reason for using marginal analysis can best be termed analytical sophistication.

     See also | economics | economic analysis | comparative statics | market | model | ceteris paribus | marginal cost | marginal revenue |


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MARGINAL ANALYSIS, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2025. [Accessed: May 15, 2025].


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SOCIAL SCIENCE

The scientific study of society--of human behavior and of social interactions. Economics is one of several social sciences. Others are sociology, political science, and anthropology. Economics is considered a social science because it seeks to explain how society deals with the scarcity problem.

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Today, you are likely to spend a great deal of time at an auction hoping to buy either a pair of handcrafted oven mitts or a coffee table shaped like the state of Florida. Be on the lookout for neighborhood pets, especially belligerent parrots.
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Ragnar Frisch and Jan Tinbergen were the 1st Nobel Prize winners in Economics in 1969.
"I don't know the key to success, but the key to failure is trying to please everybody. "

-- Bill Cosby

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