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COMPETITION ALONG A LINE: A basic analysis of location theory that demonstrates how and why competing firms tend to locate next to each other. This analysis indicates that as firms attempt to attract customers from each other, they edge increasingly closer. In particular, while an efficient situation (indicated by minimum transportation cost) is obtained by a more disperse location of firms, competition brings them together and creates inefficiency (by increasing transportation cost)
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RECOVERY The early phase of a business-cycle expansion that occurs shortly after a contraction has ended. During a recovery, the unemployment rate remains relatively high, but is beginning to fall, and real gross domestic product begins to increase, usually rapidly. However, because the contraction remains fresh in the minds of many, it may not be immediately clear that the trough of the contraction has actually ended.
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Post WWI induced hyperinflation in German in the early 1900s raised prices by 726 million times from 1918 to 1923.
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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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WLS
Weighted Least Squares
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