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PREFERENCES CHANGE, UTILITY ANALYSIS: A disruption of consumer equilibrium identified with utility analysis caused by changes in the preferences for a good, which likely results in a change in the quantities of the goods consumed. The change in preferences alters the marginal utility-price ratio and forces a reevaluation of the rule of consumer equilibrium.
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UNCERTAINTY The observation and recognition that information, especially information about the future, is not known. While any number of events might occur in the future, uncertainty exists because which specific events will occur is unknown. A related concept is risk, which is assigning probabilities to potential future outcomes. Uncertainty is a central component in the economic study of information.
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GRAY SKITTERY
[What's This?]
Today, you are likely to spend a great deal of time strolling through a department store seeking to buy either a birthday gift for your uncle or a pair of red and purple designer socks. Be on the lookout for a thesaurus filled with typos.
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This isn't me! What am I?
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Parker Brothers, the folks who produce the Monopoly board game, prints more Monopoly money each year than real currency printed by the U.S. government.
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"And while the law of competition may be sometimes hard for the individual, it is best for the race, because it ensures the survival of the fittest in every department. " -- Andrew Carnegie, entrepreneur
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AS
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