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POVERTY LINE: The official measure of the income needed by a family based on family size, location, and characteristics of the head of the household. The official U.S. poverty line is based on more of a relative poverty level rather than an absolute poverty level. For example, a family of two living in a rural area would need a different amount of money to stay above the official poverty line that would a family of four living in a city.

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OPTION: A contract that gives the buyer an "option" to complete a transaction within a given time period. Options are used frequently in financial markets.

     See also | financial markets | futures | hedging | speculation |


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OPTION, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2022. [Accessed: May 28, 2022].


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PRODUCTION POSSIBILITIES

An analysis of the alternative combinations of two (or more) goods that an economy can produce with existing resources and technology in a given time period. Production possibilities analysis provides insight into the fundamentals of economic thinking, including the introduction of key economic concepts. This analysis usually centers on either a convex production possibilities curve (or frontier) that reflects alternative production combinations of two goods.

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Today, you are likely to spend a great deal of time going from convenience store to convenience store seeking to buy either a pair of blue silicon oven mitts or a coffee cup commemorating the 2000 Olympics. Be on the lookout for broken fingernail clippers.
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John Maynard Keynes was born the same year Karl Marx died.
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