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NATURAL SELECTION: The notion that firms best suited to the economic environment on the ones that tend to survive. The natural selection of business firms is an adaptation of the biological process of natural selection, in which biological entities best suited to the natural environment are the ones that survive. The notion of natural section suggests that even if firms do NOT actively, consciously pursue the profit-maximization goal, assuming they do is not necessarily unreasonable. Those firms that approximate the goal of profit-maximization, whether intentionally or accidently, are the ones most likely to survive and remain in business.
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ECONOMIC GROWTH The long-run expansion of the economy's ability to produce output. Growth is attained by increasing the quantity or quality of the economy's resources--labor, capital, land, and entrepreneurship--through such things as population growth, investment, exploration, technological innovation, and education. This is one of the five economic goals and more specifically one of the three macroeconomic goals. The other goals are full employment, stability, efficiency and equity.
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GRAY SKITTERY
[What's This?]
Today, you are likely to spend a great deal of time at the confiscated property police auction wanting to buy either a replacement remote control for your stereo system or a computer that can play video games and burn DVDs. Be on the lookout for gnomes hiding in cypress trees.
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This isn't me! What am I?
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The New York Stock Exchange was established by a group of investors in New York City in 1817 under a buttonwood tree at the end of a little road named Wall Street.
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"How we spend our days is, of course, how we spend our lives. " -- Annie Dillard, essayist
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AR
Average Revenue, Autoregressive
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