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OPERATING STATEMENT: A statement of the revenues, expenditures, and profit for a business, household, or government entity over a given period of time. An income statement also goes by the names profit and loss statement, earnings report, and income statement. This is one of two key financial statements for an entity. The other is a balance sheet, which is a statement of assets, liabilities, and net worth at a given point in time.
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SEVEN RULES: Seven key economic principles underlying the study of economics and the operation of the economy. These seven rules are: first -- scarcity, second -- subjectivity, third -- inequality, fourth -- competition, fifth -- imperfection, sixth -- ignorance, and seventh -- complexity. See also | first rule of scarcity | second rule of subjectivity | third rule of inequality | fourth rule of competition | fifth rule of imperfection | sixth rule of ignorance | seventh rule of complexity |
Recommended Citation:SEVEN RULES, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2025. [Accessed: July 1, 2025].
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SCREENING When confronted by asymmetric information, the use of small bits of information, or indicators, that suggest more comprehensive information. Screening occurs when those with limited information try to identify indicators suggesting more complete information. It is used in markets with adverse selection and moral hazard, especially in labor markets and in the provision of insurance. Common methods of screening include aptitude tests, affiliations, past behavior, and personal characteristics. A related method is signalling.
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RED AGGRESSERINE
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Today, you are likely to spend a great deal of time flipping through mail order catalogs wanting to buy either a how-to book on wine tasting or a bookshelf that will fit in your closet. Be on the lookout for slow moving vehicles with darkened windows.
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Okun's Law posits that the unemployment rate increases by 1% for every 2% gap between real GDP and full-employment real GDP.
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"Experience keeps a dear school, but fools will learn in no other. " -- Benjamin Franklin
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OAS
Organization of American States
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