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PLANNING HORIZON: Another term for the long-run average cost curve. The long-run average cost curve is termed the planning horizon because it provides information a firm can use to plan factory construction and expansion in the long run.

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WORLD VIEW

An aspect of a scientific theory that includes fundamental, and unverifiable, axioms, beliefs, and values about how the world works. One example of an unverifiable world view axiom is belief in the existence of a supreme, omnipotent, omniscience being--that is, God. Political philosophies, which are essential to economic theories and policies, are intertwined with alternative world views.

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Today, you are likely to spend a great deal of time going from convenience store to convenience store hoping to buy either a pair of leather sandals that won't cause blisters or clothing for your kitty cats. Be on the lookout for small children selling products door-to-door.
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In 1914, Ford paid workers who were age 22 or older $5 per day -- double the average wage offered by other car factories.
"I not only use all the brains that I have, but all that I can borrow. "

-- Woodrow Wilson, 28th US president

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