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POLICIES: Government actions designed to affect economic activity and pursue one or more economic goals. Also called government or economic policies. The four common types of policies are: fiscal, monetary, regulatory, and judicial.

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ASSUMPTION

An initial condition or statement of a model or theory that sets the stage for an analysis by abstracting from the real world. Assumptions are important to economic analysis. Some assumptions are used to simplify a complex analysis into more easily manageable parts. Other assumptions are used as control conditions that are subsequently changed to evaluate the consequences.

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Today, you are likely to spend a great deal of time waiting for visits from door-to-door solicitors hoping to buy either a how-to book on wine tasting or a bookshelf that will fit in your closet. Be on the lookout for the happiest person in the room.
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In the early 1900s around 300 automobile companies operated in the United States.
"Life is not a 'brief candle.' It is a splendid torch that I want to make burn as brightly as possible before handing it on to future generations. "

-- Bernard Shaw, journalist

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