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FALLACY OF DIVISION: The logical fallacy of arguing that what is true for the whole is also true for the parts. In the study of economics, this takes the form of assuming that what works for the aggregate, or macroeconomy, also works for parts of the economy, such as households or businesses. The contrasting fallacy that you should check out is the fallacy of composition.
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ARC ELASTICITY The average elasticity for discrete changes in two variables. The distinguishing characteristic of arc elasticity is that percentage changes are calculated based on the average of initial and ending values of each variable, rather than initial values. Arc elasticity is generally calculated using the midpoint elasticity formula. The contrast to arc elasticity is point elasticity. For infinitesimally small changes in two variables, arc elasticity is the same as point elasticity.
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GRAY SKITTERY
[What's This?]
Today, you are likely to spend a great deal of time at a flea market looking to buy either a flower arrangement in a coffee cup for your father or a how-to book on meeting people. Be on the lookout for infected paper cuts.
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Junk bonds are so called because they have a better than 50% chance of default, carrying a Standard & Poor's rating of CC or lower.
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"When your values are clear to you, making decisions becomes easier. " -- Roy Disney, executive
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JEMS
Journal of Economics and Management Strategy
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