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OKUN'S LAW: A relationship that says that the gap between actual and full employment output level of gross domestic product widens by 3.0% for each percentage point increase in the unemployment rate. When Arthur Okun discovered this empirical relationship he was on President Kennedy's Council of Economic Advisers (CEA). Okun cautioned that the relationship was valid only within unemployment rates of 3% and 7.5%.
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MARKET EQUILIBRIUM The state of equilibrium that exists when the opposing market forces of demand and supply achieve a balance with no inherent tendency for change. Once achieved, a market equilibrium persists unless or until it is disrupted by an outside force, especially the demand and supply determinants. A market equilibrium is indicated by equilibrium price and equilibrium quantity.
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BLUE PLACIDOLA
[What's This?]
Today, you are likely to spend a great deal of time wandering around the shopping mall hoping to buy either a large stuffed brown and white teddy bear or a replacement washer for your kitchen faucet. Be on the lookout for jovial bank tellers.
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Potato chips were invented in 1853 by a irritated chef repeatedly seeking to appease the hard to please Cornelius Vanderbilt who demanded french fried potatoes that were thinner and crisper than normal.
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"Don't waste your effort on a thing that results in a petty triumph unless you are satisfied with a life of petty issues. " -- John D. Rockefeller, industrialist
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NPV
Net Present Value
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