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LUXURY GOOD: In general, a good (or service) that is not essential but makes like more enjoyable. Luxury goods are often more expensive and primarily purchased by people with more wealth and income. Using more precise, technical language, a luxury good exists if the income elasticity of demand is positive and greater than one. In other words, as people receive more income, they devote an increasingly larger share of income to the purchase of luxury goods.
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BANKING An industry containing depository institutions that provide financial intermediary services and safekeeping of checkable deposits that make up an important portion of the economy's money supply. These depository institutions--including traditional commercial banks, credit unions, savings and loan associations, and mutual savings banks--pursue financial intermediation and deposit safekeeping through fractional-reserve banking. Banking is regulated by the Federal Reserve System, Federal Deposit Insurance Corporation, and the Comptroller of the Currency, among a host of other federal and state regulators.
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PINK FADFLY
[What's This?]
Today, you are likely to spend a great deal of time at a going out of business sale seeking to buy either a Boston Red Sox baseball cap or a square lamp shade with frills along the bottom. Be on the lookout for florescent light bulbs that hum folk songs from the sixties.
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A scripophilist is one who collects rare stock and bond certificates, usually from extinct companies.
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"Don't be afraid if things seem difficult in the beginning. That's only the initial impression. The important thing is not to retreat; you have to master yourself." -- Olga Korbut, Gymnast
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QML
Quasi-Maximum Likelihood
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