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VARIABLE: A quantity, usually represented as a symbol, that can take on one of a set of values. Variables play a key role in the scientific method and economic analysis. A major task undertaken by the study of economics is to identify the specific value of variables such as price, quantity, unemployment, production, wages, income, among a host of others. This often accomplished using assorted models, such as the market model.
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DETERMINANTS Ceteris paribus factors that are held constant when a curve is constructed. Changes in these factors then cause the curve to shift to a new location. The most common determinants are demand determinants for the demand curve and supply determinants for the supply curve. Other curves used in the analysis of economics also have notable determinants, including the production possibilities curve, the aggregate demand curve, the aggregate supply curve, and the short-run average cost curve.
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GREEN LOGIGUIN
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Today, you are likely to spend a great deal of time looking for a downtown retail store looking to buy either a box of multi-colored, plastic paper clips or several orange mixing bowls. Be on the lookout for attractive cable television service repair people.
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Lewis Carroll, the author of Alice in Wonderland, was the pseudonym of Charles Dodgson, an accomplished mathematician and economist.
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"If you wouldn't write it and sign it, don't say it." -- Earl Wilson, Columnist
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