|
|
ASSUMPTION: An initial condition or statement that sets the stage for an analysis by abstracting from the real world. Assumptions are important to economic theories and economic analysis. Some assumptions are used to simplify a complex analysis into more easily manageable parts. These establish idealistic benchmarks that can be used to evaluate real world conditions. Other assumptions are used as control conditions that are subsequently changed to evaluate the effect of the change. The use of ceteris paribus assumptions in comparative statics analysis is an excellent example.
Visit the GLOSS*arama
|
|
|
|
|
PERFECT COMPETITION, LOSS MINIMIZATION A perfectly competitive firm is presumed to produce the quantity of output that minimizes economic losses, if price is greater than average variable cost but less than average total cost. This is one of three short-run production alternatives facing a firm. The other two are profit maximization (if price exceeds average total cost) and shutdown (if price is less than average variable cost).
Complete Entry | Visit the WEB*pedia |
|
|
YELLOW CHIPPEROON
[What's This?]
Today, you are likely to spend a great deal of time at the confiscated property police auction looking to buy either a birthday gift for your aunt or a pair of leather sandals that won't cause blisters. Be on the lookout for crowded shopping malls.
Your Complete Scope
This isn't me! What am I?
|
|
|
The word "fiscal" is derived from a Latin word meaning "moneybag."
|
|
|
"The time your game is most vulnerable is when you're ahead; never let up. " -- Rod Laver, Tennis player
|
|
BIF
Bank Insurance Fund
|
|
|
Tell us what you think about AmosWEB. Like what you see? Have suggestions for improvements? Let us know. Click the User Feedback link.
User Feedback
|
|
