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GRAPH: A picture, image, or diagram that is used to display information. Graphs are most commonly used in the economics to depict relations between two variables, that is a two-dimensional graph. The market diagram is perhaps the most noted graph used in economics. This graph reflects the market price on the vertical axis and the quantity exchanged on the horizontal axis. The two key relations depicted on the graph are the demand curve, which is an inverse relation between price and quantity, and the supply curve, which is a direct relation between price and quantity.
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VOLUNTARY EXCHANGE The process of willingly trading one valuable commodity (good, service, or resource) for another. The key term is "willingly," which distinguishes voluntary exchanges from involuntary exchanges, such as those created by government taxes. Voluntary exchanges are the foundation of market transactions.
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BEIGE MUNDORTLE
[What's This?]
Today, you are likely to spend a great deal of time lost in your local discount super center wanting to buy either a rechargeable battery for your computer or shoe laces for your snow boots. Be on the lookout for florescent light bulbs that hum folk songs from the sixties.
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A half gallon milk jug holds about $50 in pennies.
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"Aerodynamically, the bumblebee shouldn't be able to fly, but the bumblebee doesn't know it so it goes on flying anyway. " -- Mary Kay Ash, entrepreneur
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AR(N)
A nth-order Autoregressive Process
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