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PERFECT COMPETITION, LOSS MINIMIZATION: A perfectly competitive firm is presumed to produce the quantity of output that minimizes economic losses, if price is greater than average variable cost but less than average total cost. This is one of three short-run production alternatives facing a firm. The other two are profit maximization (if price exceeds average total cost) and shutdown (if price is less than average variable cost).
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DATA Observations or measurements that quantify or otherwise identify some aspect of the real world. Data are used to track economic performance, quantify economic characteristics, and test economic hypotheses. Data collection is often the most challenging part of undertaking an empirical analysis.
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Much of the $15 million used by the United States to finance the Louisiana Purchase from France was borrowed from European banks.
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"In war, there is no second prize for the runner-up." -- Omar Bradley, US Army general
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BLUE
Best Linear Unbiased Estimator
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