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THIRD ESTATE: In past centuries, this included the peasants, serfs, or slaves who performed the dirty deeds for the ruling elite. In modern times, this is the workers, taxpayers, and consumers who have limited ownership of and control over resources usually nothing more than their own labor. The third estate, which forms the backbone of any modern economy, is usually at odds with the business leaders of the second estate. Help may come from the government leaders of the first estate or the journalist of the fourth estate--but don't count on it.
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LAW OF DIMINISHING MARGINAL RETURNS A principle of short-run production stating that as a firm combines more of a variable input with a fixed input, the marginal product of the variable input eventually declines. This is THE economic principle underlying the analysis of short-run production for a firm. It offers an explanation for the law of supply and the positive slope of the market supply curve.
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PURPLE SMARPHIN
[What's This?]
Today, you are likely to spend a great deal of time searching for a specialty store looking to buy either a large, stuffed kitty cat or a cross-cut paper shredder. Be on the lookout for attractive cable television service repair people.
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This isn't me! What am I?
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The average bank teller loses about $250 every year.
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"We can't take any credit for our talents. It's how we use them that counts. " -- Madeleine L'Engle, Writer
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LAD
Least Absolute Deviations
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