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TECHNICAL EFFICIENCY: Getting the most production from available resources. This term needs to be contrasted with a similar term allocative efficiency. You might want to check out the more general term of efficiency while you're at it. Technical efficiency simple means that you do the best job possible of combining resources to make a good . You don't waste material inputs. You don't have workers standing idly around waiting for spare parts. In essence, you produce a good at the lower possible opportunity cost.
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ASSUMPTION An initial condition or statement of a model or theory that sets the stage for an analysis by abstracting from the real world. Assumptions are important to economic analysis. Some assumptions are used to simplify a complex analysis into more easily manageable parts. Other assumptions are used as control conditions that are subsequently changed to evaluate the consequences.
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YELLOW CHIPPEROON
[What's This?]
Today, you are likely to spend a great deal of time looking for the new strip mall out on the highway wanting to buy either software that won't crash your computer or any book written by Stephan King. Be on the lookout for a thesaurus filled with typos.
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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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"If you are neutral in situations of injustice, you have chosen the side of the oppressor. If an elephant has its foot on the tail of a mouse and you say that you are neutral, the mouse will not appreciate your neutrality." -- Desmond Tutu, activist
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ASX
Australian Stock Exchange
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