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OWNER-OCCUPIED HOUSING: Houses that are, quite simply, occupied by the owners. A person, or family, owns a house and lives in it. The contrast is with rental property, in which owners rent their houses out to others. Owner-occupied housing is important for the estimation of gross domestic product because it involves current production but has no market transactions. As such, the value of housing services have to be estimated before inclusion in gross domestic product.
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EQUILIBRIUM PRICE The price that exists when a market is in equilibrium. Equilibrium price is simultaneously equal to both the demand price and supply price and it is the price that equates the quantity demanded and quantity supplied. In a market graph, the equilibrium price is found at the intersection of the demand curve and the supply curve. Equilibrium price, also commonly referred to as the market-clearing price, is one of two equilibrium variables. The other is equilibrium quantity.
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GREEN LOGIGUIN
[What's This?]
Today, you are likely to spend a great deal of time calling an endless list of 800 numbers trying to buy either a how-to book on home decorating or a set of luggage with wheels. Be on the lookout for cardboard boxes.
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Ragnar Frisch and Jan Tinbergen were the 1st Nobel Prize winners in Economics in 1969.
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"If you are going to achieve excellence in big things, you develop the habit in little matters. Excellence is not an exception, it is a prevailing attitude. " -- Colin Powell, general
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TP
Total Product
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