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DATA: Real world observations that are used to test or verify hypotheses. This is the key to the process of acquiring knowledge about the world using the scientific method. While theoretical speculation might indicate what we "think" the world is like, we don't know for sure until we compare our hypothesized view with the real world itself. Data is what adds empirical to empirical economic analysis.
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THREE QUESTIONS OF ALLOCATION The three basic questions that an economy must answer because of limited resources and unlimited wants and needs are: What? How? and For Whom? The basic problem of scarcity requires every society to determine: What goods to produce? How to produce the goods? And who receives the goods that are produced?
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WHITE GULLIBON
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Today, you are likely to spend a great deal of time searching for rummage sales wanting to buy either a birthday greeting card for your uncle or a T-shirt commemorating the 2000 Presidential election. Be on the lookout for florescent light bulbs that hum folk songs from the sixties.
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This isn't me! What am I?
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Post WWI induced hyperinflation in German in the early 1900s raised prices by 726 million times from 1918 to 1923.
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"Far and away the best prize that life has to offer is the chance to work hard at work worth doing." -- Theodore Roosevelt, 26th US president
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