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January 26, 2023 

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Y-AXIS: In a graph, this is one of two lines that intersect at a right angle. This is the "vertical axis" that runs up and down.

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SEVEN RULES: Seven key economic principles underlying the study of economics and the operation of the economy. These seven rules are: first -- scarcity, second -- subjectivity, third -- inequality, fourth -- competition, fifth -- imperfection, sixth -- ignorance, and seventh -- complexity.

     See also | first rule of scarcity | second rule of subjectivity | third rule of inequality | fourth rule of competition | fifth rule of imperfection | sixth rule of ignorance | seventh rule of complexity |


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CARDINAL UTILITY

The notion that utility--the satisfaction of wants and needs achieved through the consumption of goods and services--can be measured with numerical values (1, 2, 3, etc.) that are based on a benchmark scale. Cardinal utility presumes that satisfaction is a measurable characteristic of a person, like height or weight. The contrasting notion is ordinal utility, which is based on a ranking of preferences.

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GREEN LOGIGUIN
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Today, you are likely to spend a great deal of time strolling through a department store seeking to buy either a T-shirt commemorating the 2000 Olympics or a genuine fake plastic Tiffany lamp. Be on the lookout for high interest rates.
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The word "fiscal" is derived from a Latin word meaning "moneybag."
"It has been my philosophy of life that difficulties vanish when faced boldly. "

-- Isaac Asimov

AACCLA
Association of American Chambers of Commerce in Latin America
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