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ENTERPRISE: An organization that combines scarce resources for the production and supply of goods and services. The term enterprise is generally used synonymously with other terms such as business, firm, and company. If a distinction exists, enterprise can be profit oriented, nonprofit, privately owned, or government controlled. Alternatively, the term enterprise might also be used more in reference to the production activity itself rather than the organization.
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PERFECTLY INELASTIC An elasticity alternative in which changes in one variable (usually price) do NOT cause any changes in another variable (usually quantity). Quantity is totally, completely unresponsive to price. Quantity just does not change, regardless of changes in price. This characterization of elasticity is most important for the price elasticity of demand and the price elasticity of supply. Perfectly inelastic is one of five elasticity alternatives. The other four are perfectly elastic, relatively elastic, relatively inelastic, and unit elastic.
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RED AGGRESSERINE
[What's This?]
Today, you are likely to spend a great deal of time at an auction looking to buy either a set of steel-belted radial snow tires or a wall poster commemorating the 2000 Presidential election. Be on the lookout for letters from the Internal Revenue Service.
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This isn't me! What am I?
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A thousand years before metal coins were developed, clay tablet "checks" were used as money by the Babylonians.
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"Sometimes our light goes out, but is blown into flame by another human being. Each of us owes deepest thanks to those who have rekindled this light. " -- Albert Schweitzer, missionary physician
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GARP
Generalized Axioms of Revealed Preference
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