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GIFFEN GOOD: A rare type of good seldom seen in the real world, in which a change in price causes quantity demanded to change in the same direction (in violation of the law of demand). In other words, an increase in the price of a Giffen good results in an increase in the quantity demanded. The existence of a Giffen good requires the existence of special circumstances. First, the good must be an inferior good. Second, the income effect triggered by a change in price must overwhelm the substitution effect. A Giffen good is most likely to result when the good is a significant share of the consumer's budget.
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AUTONOMOUS SAVING Household saving that does not depend on income or production (especially disposable income, national income, or even gross domestic product). That is, changes in income do not generate changes in saving. Autonomous saving is best thought of as a baseline level of saving (usually negative) that the household sector undertakes in the unlikely event that income falls to zero. It is measured by the intercept term of the saving function or the saving line. The alternative to autonomous saving is induced saving, which does depend on income.
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BLACK DISMALAPOD
[What's This?]
Today, you are likely to spend a great deal of time wandering around the downtown area hoping to buy either a how-to book on home repairs or a large, stuffed kitty cat. Be on the lookout for vindictive digital clocks with revenge on their minds.
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This isn't me! What am I?
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The average length of a "business lunch" is about 36 minutes.
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"We tend to forget that happiness doesn't come as a result of getting something we don't have, but rather of recognizing and appreciating what we do have." -- Fredrick Koeing
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MBO
Management Buy-Out
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