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UNCERTAINTY: The possibility that any number of things could happen in the future. In other words, the future is not known. This should be compared with risk, which is assigning probabilities to alternative possibilities.
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OWNERSHIP AND CONTROL: Ownership means that you have legal "title" to a resource, good, or commodity. Control means that you have the ability to determine how a resource, good, or commodity is used. While it would seem as though these two always go together, such is not the case. People generally have ownership and control over their labor and personal property (clothing, furniture, canned goods, etc.). But in some circumstances ownership is absent of control and control exists without ownership. See also | resources | goods | corporate stock | information | asset | wealth | principal-agent problem | taxes | circular flow |
Recommended Citation:OWNERSHIP AND CONTROL, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2024. [Accessed: April 25, 2024].
AmosWEB Encyclonomic WEB*pedia:Additional information on this term can be found at: WEB*pedia: ownership and control
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AGGREGATE DEMAND CURVE A graphical representation of the relation between aggregate expenditures on real production and the price level, holding all ceteris paribus aggregate demand determinants constant. The aggregate demand (AD) curve is one side of the graphical presentation of the aggregate market. The other side is occupied by the long-run aggregate supply curve and/or the short-run aggregate supply curve. The negative slope of the aggregate demand curve captures the inverse relation between aggregate expenditures on real production and the price level. This negative slope is attributable to the interest-rate, real-balance, and net-export effects.
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Helping spur the U.S. industrial revolution, Thomas Edison patented nearly 1300 inventions, 300 of which came out of his Menlo Park "invention factory" during a four-year period.
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"Sometimes when you innovate, you make mistakes. It is best to admit them quickly and get on with improving your other innovations. " -- Steve Jobs, Apple Computer founder
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SUR
Seemingly Unrelated Regressions
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