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EMPIRICAL: Based on or relating to real world data or analysis. Empirical should be contrasted with the theoretical. Whereas theoretical refers to abstract representations, empirical is actual real world observations. Empirical observation is critical to the scientific method. Once an hypothesis implied by a theory, empirical observation is key to the verification process.
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SECOND-DEGREE PRICE DISCRIMINATION A form of price discrimination in which a seller charges different prices for different quantities of a good. This also goes by the name block pricing. Second-degree price discrimination is possible because decidedly different quantities are purchased by different types of buyers with different demand elasticities. This is one of three price discrimination degrees. The others are first-degree price discrimination and third-degree price discrimination.
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The first paper currency used in North America was pasteboard playing cards "temporarily" authorized as money by the colonial governor of French Canada, awaiting "real money" from France.
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"How wonderful it is that nobody need wait a single moment before starting to improve the world. " -- Anne Frank, diarist
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CARIFTA
Caribbean Free Trade Association
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