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OTHER THINGS EQUAL: A common assumption used in economic analysis that often goes by the technical Latin term, ceteris paribus. This assumption is used when identifying the relation between two specific variables, such as price and quantity for the law of demand. In so doing, the causal connection between the two variables can be identified. However, economic analysis becomes more interesting and useful when this assumption is relaxed, which makes it possible to examine how these "other things" affect the relation under study.
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PRODUCTION INPUTS The resources, or factors of production, used in the production of output by a firm. This term is most frequently associated with the analysis of short-run production, and is often modified by the terms fixed and variable, as in fixed input and variable input. The quantity of a variable input can be changed in the short run and the quantity of a fixed input cannot be changed.
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BROWN PRAGMATOX
[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 galvanized steel storage shelves or a large green chalkboard shaped like the state of Maine. Be on the lookout for door-to-door salesmen.
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Ragnar Frisch and Jan Tinbergen were the 1st Nobel Prize winners in Economics in 1969.
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"It is not fair to ask of others what you are unwilling to do yourself. " -- Eleanor Roosevelt, diplomat, activist
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LIBOR
london Inter-Bank Offered Rate
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