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ECONOMICS: A social science that studies the allocation of limited resources to the production of goods and services used to satisfy consumer's unlimited wants and needs. Five notable phrases contained in this definition that need further study are: (1) social science, (2) allocation, (3) limited resources, (4) production, and (5) unlimited wants and needs.
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COMPETITION In general, the actions of two or more rivals in pursuit of the same objective. In an economic context, the specific objective pursued is usually either selling goods to buyers or buying goods from sellers.
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ORANGE REBELOON
[What's This?]
Today, you are likely to spend a great deal of time browsing through a long list of dot com websites wanting to buy either a birthday gift for your grandfather or a pleather CD case. Be on the lookout for fairy dust that tastes like salt.
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This isn't me! What am I?
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In 1914, Ford paid workers who were age 22 or older $5 per day -- double the average wage offered by other car factories.
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"Enthusiasm is the greatest asset in the world. It beats money and power and influence. It is no more or less than faith in action. " -- Henry Chester, Writer
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OLS
Ordinary Least Squares
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