Changes

Line 64: Line 64:  
*"caveat emptor," which has an economic meaning of "let the buyer beware" but is also useful in cautioning against participating in anything harmful such as drugs or pornography
 
*"caveat emptor," which has an economic meaning of "let the buyer beware" but is also useful in cautioning against participating in anything harmful such as drugs or pornography
 
*"carpe diem," which means "seize the day" and not waste a good opportunity.  The present time is worth far more than time in the future, when it is unknown what will be possible or even if the world will still exist as it does today.  The same principle of "carpe diem" can be seen in the Parable of the Talents (Mt 25:14-30) and the Parable of the Fig Tree (Luke 13:6-9) (the master gives the fig tree one more year to bear fruit, or else he'll chop it down)
 
*"carpe diem," which means "seize the day" and not waste a good opportunity.  The present time is worth far more than time in the future, when it is unknown what will be possible or even if the world will still exist as it does today.  The same principle of "carpe diem" can be seen in the Parable of the Talents (Mt 25:14-30) and the Parable of the Fig Tree (Luke 13:6-9) (the master gives the fig tree one more year to bear fruit, or else he'll chop it down)
 +
 +
Economics is also special in that it is concerned exclusively with the future rather than the past.  For example, the price a good is sold for does not depend on how much it cost in the past, but how much someone will pay for it now or in the future.  This is a difficult aspect of economics for students to accept, as other subjects (e.g., history) are primarily about the past rather than the future.
    
==More Definitions==
 
==More Definitions==
Anthony, Irenaeus, Siteadmin, apieditor, Bureaucrats, Check users, nsAm_Govt_101RO, nsAm_Govt_101RW, nsAm_Govt_101_ta, nsJudgesRO, nsJudgesRW, nsJudges_talkRO, nsJudges_talkRW, nsTeam2RO, nsTeam2RW, nsTeam2_talkRO, nsTeam2_talkRW, oversight, Administrators
126,506

edits