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Also called an opportunity set. The set of all possible consumption bundles that an individual can afford, given the prices of goods and the individual's income level. The budget set is bounded above by the budget line. Graphically speaking, all the consumption bundles that lie inside and on the budget constraint form the budget set.
Kairos. Kairos ( Ancient Greek: καιρός) is an ancient Greek word meaning 'the right or critical moment'. [ 1] In modern Greek, kairos also means 'weather' or 'time'. It is one of two words that the ancient Greeks had for ' time '; the other being chronos ( χρόνος ).
Satellite photograph of a mesa in the Cydonia region of Mars, often called the "Face on Mars" and cited as evidence of extraterrestrial habitation. Pareidolia (/ ˌ p ær ɪ ˈ d oʊ l i ə, ˌ p ɛər-/; [1] also US: / ˌ p ɛər aɪ-/) [2] is the tendency for perception to impose a meaningful interpretation on a nebulous stimulus, usually visual, so that one detects an object, pattern, or ...
Robbins' definition eventually became widely accepted by mainstream economists, and found its way into current textbooks. [69] Although far from unanimous, most mainstream economists would accept some version of Robbins' definition, even though many have raised serious objections to the scope and method of economics, emanating from that definition.
Generally, a statement from a court that a writ is allowed (i.e. granted); most commonly, a grant of leave to appeal by the Supreme Court of Pennsylvania, in reference to which the word is used equivalently to certiorari (q.v.) elsewhere. / ˌ æ l l oʊ k eɪ t ʊr / alter ego: another I A second identity living within a person. / ˌ ɒ l t ...
The economics term cost, also known as economic cost or opportunity cost, refers to the potential gain that is lost by foregoing one opportunity in order to take advantage of another. The lost potential gain is the cost of the opportunity that is accepted. Sometimes this cost is explicit: for example, if a firm pays $100 for a machine, its cost ...
Opportunity cost, as such, is an economic concept in economic theory which is used to maximise value through better decision-making. In accounting, collecting, processing, and reporting information on activities and events that occur within an organization is referred to as the accounting cycle.
Opportunity (rover), a robotic rover on Mars. Business opportunity. Equal opportunity. Market opportunity. Means, motive, and opportunity, a popular cultural summation of the three aspects of a crime needed to convince a jury of guilt. Political opportunity. Window of opportunity.