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WIDGET: A fictitious good commonly used by economic instructors to demonstrate economic principles or undertake hypothetical analyses. For example, the analysis of short-run production for a firm might be demonstrated through the production of widgets. Alternatively, the law of demand might be illustrated with a table or curve comparing the price of widgets with the quantity demanded of widgets. If such a good exists, and there is no clear evidence that widgets have every existed, it is a small mechanical device, constructed of interlocking cogs, several knobs, and at least one handle. Widgets are most often used when thingamajigs and dohickies are unavailable.
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VERIFICATION The hypothesis-testing step of the scientific method in which the hypothesized implication of a theory is compared against real world events and data. This verification can provide support or refutation of the hypothesis. Enough support enables a hypothesis to become a principle. Refutation calls into question the theory implying the hypothesis. In either event, further analysis is indicated.
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RED AGGRESSERINE
[What's This?]
Today, you are likely to spend a great deal of time visiting every yard sale in a 30-mile radius wanting to buy either a remote controlled World War I bi-plane or a wall poster commemorating Thor Heyerdahl's Pacific crossing aboard the Kon-Tiki. Be on the lookout for fairy dust that tastes like salt.
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The wealthy industrialist, Andrew Carnegie, was once removed from a London tram because he lacked the money needed for the fare.
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"Don't judge each day by the harvest you reap, but by the seeds you plant." -- Robert Louis Stevenson, Author
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NYBID
New York Interbank Bid Rate
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