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A PRIORI: A presumption made before an analysis is undertaken, often based on experiences, beliefs, or deductions from seemingly self-evident propositions about how the world works. This is a Latin for assumption or axiom. A similar sounding, but opposite term is a posteriori, which is derived from observation or facts. For example, in the study of economics of crime you might assume, a priori, that people are basically "good", because that just seems to be part of human nature, and conclude, a posteriori, that people are more likely to commit crimes when the threat of capture and conviction is lower.
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FREE ENTERPRISE In theory, an economic system that relies extensively, if not exclusively, on unregulated markets to exchange resources, goods and services, and to answer the three questions of allocation. In practice, this term is often used synonymously with capitalism.
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YELLOW CHIPPEROON
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Today, you are likely to spend a great deal of time searching for a specialty store trying to buy either an instructional DVD on learning to the play the oboe or a small, foam rubber football. Be on the lookout for florescent light bulbs that hum folk songs from the sixties.
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Francis Bacon (1561-1626), a champion of the scientific method, died when he caught a severe cold while attempting to preserve a chicken by filling it with snow.
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"Leadership is based on inspiration, not domination; on cooperation, not intimidation. " -- William A. Ward
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IO
Industrial Organization
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