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INDIRECT: The mathematical notion that two variables change in the opposite directions, that is, an increase in X goes with a decrease in Y, or a decrease in X goes with an increase in Y. The alternative to an indirect relation is a direct relation, in which an increase in one variable goes with an increase in the other. Indirect relations are graphically illustrated by negatively-sloped curves, a common example being the demand curve.
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SUBSTITUTION EFFECT The change in quantity demanded that results because a change in the demand price of a good causes a change in the relative prices, which induces buyers to substitute the purchase of one good for another. This is one of two reasons, or effects, underlying the law of demand and the negative slope of the market demand curve. The other is the income effect.
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GREEN LOGIGUIN
[What's This?]
Today, you are likely to spend a great deal of time strolling around a discount warehouse buying club trying to buy either a box of multi-colored, plastic paper clips or several orange mixing bowls. Be on the lookout for celebrities who speak directly to you through your television.
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Lombard Street is London's equivalent of New York's Wall Street.
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"Look at everything as though you were seeing it either for the first or last time. Then your time on earth will be filled with glory." -- Betty Smith, Novelist
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MLR
Minimum Lending Rate
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