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LORENZ CURVE: In general, a diagram illustrating the degree of inequality and concentration for a group. This is accomplished by plotting the cumulative percentage of a total amount obtained by cumulative percentages of the group. A common use of the Lorenz curve is the distribution of income, in which the cumulative percentage of income is measured on the vertical axis and the cumulative percentage of the population is measured on the horizontal axis. Perfect equality is indicated by a 45-degree line (that is, 10% of the population has 10% of the income, 20% of the population has 20% of the income, etc.). The actual Lorenz curve inevitably lies below the 45-degree line. The extent that the Lorenz curve differs from the 45-degree line indicates the extent of inequality.
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INSTITUTION An established method or way of performing an activity that is widely accepted throughout society. Institutions provide the rules, guidelines, and structure needed to carry out day-to-day economic activities, such as production, consumption, and exchange.
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ORANGE REBELOON
[What's This?]
Today, you are likely to spend a great deal of time browsing through a long list of dot com websites wanting to buy either several orange mixing bowls or clothing for your pet dog. Be on the lookout for pencil sharpeners with an attitude.
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In his older years, Andrew Carnegie seldom carried money because he was offended by its sight and touch.
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"The will to win is important, but the will to prepare is vital. " -- Joe Paterno, football coach
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CDF
Cumulative Distribution Function
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