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BROOKINGS INSTITUTION: An independent, nonpartisan organization devoted to research, analysis, education, and publication focused on public policy issues in the areas of economics, foreign policy, and governance. The Brookings Institution takes its name from Somers Brookings (1850-1932) who in 1922 and 1924 founded the Institute of Economics and a graduate school bearing his name. These two institutions and the Institute for Government Research (IGR), which was the first private organization devoted to analyzing public policy issues at the national level, merged in 1927 to create the Brookings Institution. The Brookings Institution is a non-profit organization located in Washington, D.C.
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SCARCE RESOURCES Labor, capital, land, and entrepreneurship used by society to produce consumer satisfying goods and services. Scarce resources, also termed just resources, are often given the more descriptive term factors of production.
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BEIGE MUNDORTLE
[What's This?]
Today, you are likely to spend a great deal of time driving to a factory outlet looking to buy either a green and yellow striped sweater vest or a Boston Red Sox baseball cap. Be on the lookout for the last item on a shelf.
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During the American Revolution, the price of corn rose 10,000 percent, the price of wheat 14,000 percent, the price of flour 15,000 percent, and the price of beef 33,000 percent.
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"The secret of getting ahead is getting started. The secret of getting started is breaking your complex, overwhelming tasks into small manageable tasks, and then starting on the first one. " -- Mark Twain, writer
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LAD
Least Absolute Deviations
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