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TANGENCY: A geometric condition that occurs when two curves touch at a single point with identical slopes at that point. This condition of tangency surfaces in several different areas of economic analysis, including indifference curve analysis (tangency between an indifference curve and budget line) and monopolistic competition (tangency between demand curve and long-run average cost curve). The tangency between two curves should be contrasted with the condition of intersection, in which two cross at a single point but do not have identical slopes.
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EFFICIENCY Generating the most possible satisfaction from a given amount of resources. Efficiency means that this satisfaction of wants and needs cannot be increased by producing more of one good and less of another. This is one of the five economic goals and one of two microeconomic goals. The other goals are full employment, stability, economic growth, and equity.
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GREEN LOGIGUIN
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Today, you are likely to spend a great deal of time at a crowded estate auction wanting to buy either a lazy Susan for you dining room table or a set of serrated steak knives, with durable plastic handles. Be on the lookout for vindictive digital clocks with revenge on their minds.
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Post WWI induced hyperinflation in German in the early 1900s raised prices by 726 million times from 1918 to 1923.
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"Confidence . . . thrives on honesty, on honor, on the sacredness of obligations, on faithful protection and on unselfish performance. Without them it cannot live." -- President Franklin Delano Roosevelt
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CPI
Consumer Price Index
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