ORDINAL: A measurement based on a ranking, such as first, second, and third, that enables a relative comparison of more or less. Relative comparability means, for example, that first is more than second and second is more than third, but how much more is not known. Cardinal measures, which use a quantitative measurement scale, is an alternative type of measure. An ordinal measure can be thought of as a list for high to low, good to bad, top to bottom, and are often based on subjective evaluations of items. The notion of ordinal measurement is most often seen in the economic analysis of indifference curves and utility.

     See also | ordinal utility | cardinal | cardinal utility | utility | satisfaction | indifference curve | quality of life | second rule of subjectivity |

ORDINAL, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2022. [Accessed: May 24, 2022].

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An initial condition or statement of a model or theory that sets the stage for an analysis by abstracting from the real world. Assumptions are important to economic analysis. Some assumptions are used to simplify a complex analysis into more easily manageable parts. Other assumptions are used as control conditions that are subsequently changed to evaluate the consequences.

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