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TANGENCY: A geometric condition that occurs when two curves touch at a single point with identical slopes at that point. This condition of tangency surfaces in several different areas of economic analysis, including indifference curve analysis (tangency between an indifference curve and budget line) and monopolistic competition (tangency between demand curve and long-run average cost curve). The tangency between two curves should be contrasted with the condition of intersection, in which two cross at a single point but do not have identical slopes.
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AUTONOMOUS NET EXPORTS Net exports by the foreign sector that do not depend on income or production (especially national income or gross domestic product). That is, changes in income do not generate changes in net exports. Autonomous net exports are best thought of as net exports that the foreign sector undertakes independent of income. They are measured by the intercept term of the net exports line. The alternative to autonomous net exports is induced net exports, which do depend on income.
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BEIGE MUNDORTLE
[What's This?]
Today, you are likely to spend a great deal of time wandering around the shopping mall seeking to buy either a coffee cup commemorating the first day of winter or a video game player. Be on the lookout for celebrities who speak directly to you through your television.
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This isn't me! What am I?
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On a typical day, the United States Mint produces over $1 million worth of dimes.
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"In a decisive set, confidence is the difference. " -- Chris Evert, tennis champion
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WLS
Weighted Least Squares
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