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CAPITALISM: A type of economy based on -- (1) private ownership of most resources, goods, and other stuff (private property); (2) freedom to generally use the privately-owned resources, goods, and other stuff to get the most wages, rent, interest, and profit possible; and (3) a system of relatively competitive markets. While government establishes the legal "rules of the game" for capitalism and provides assorted public goods, like national defense, education, and infrastructure, most production, consumption, and resource allocation decisions are left up to individual businesses and consumers. The term capitalism is derived from the notion that capital goods are under private, rather than government, ownership (compare communism, socialism.
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AVERAGE-MARGINAL RELATION A mathematical connection between a marginal value and the corresponding average value stating that the change in the average value depends on a comparison between the average and the marginal. This mathematical relation between average and marginal surfaces throughout the study of economics, especially production (average product and marginal product), cost (average total cost and marginal cost), and revenue (average revenue and marginal revenue). A similar relation is that between a total value and the corresponding marginal value.
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PURPLE SMARPHIN
[What's This?]
Today, you are likely to spend a great deal of time touring the new suburban shopping complex seeking to buy either a New York Yankees baseball cap or a solid oak entertainment center. Be on the lookout for telephone calls from long-lost relatives.
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In the late 1800s and early 1900s, almost 2 million children were employed as factory workers.
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"There is at least one point in the history of any company when you have to change dramatically to rise to the next level of performance. Miss that moment, and you start to decline. " -- Andy Grove, Intel Corp. chairman
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SLLN
Strong Law of Large Numbers
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