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INDIFFERENCE MAP: A graph of two or more indifference curves. Higher indifference curves are associated with higher levels of utility.

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PRODUCTION FUNCTION

A mathematical relation between the production of a good or service and the inputs used. A production function captures the general relation between total production and one or more inputs. The standard production function includes labor and capital as the inputs. However, a production function is general enough that any number of inputs can be included

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Today, you are likely to spend a great deal of time searching the newspaper want ads seeking to buy either yellow cotton balls or a set of steel-belted radial snow tires. Be on the lookout for pencil sharpeners with an attitude.
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In the Middle Ages, pepper was used for bartering, and it was often more valuable and stable in value than gold.
"All things are difficult before they are easy."

-- Thomas Fuller, Physician

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