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DEMERIT GOOD: A good that society, usually government, deems is overvalued by consumers in normal market exchanges. As such, governments typically restrict the consumption of demerit goods through policies such as taxes or direct government control. Demerit goods are often have characteristics of quasi-public goods or externality by-products. Examples include tobacco and narcotic drugs. The counter type of good is a merit good.
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GOOD A physical, tangible item or product used to satisfy wants and needs. A good is produced using society's resources and represents a fundamental aspect of the economy. Limited resources are used to produced the goods that satisfy unlimited wants and needs in an ongoing effort to address the problem of scarcity.
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BEIGE MUNDORTLE
[What's This?]
Today, you are likely to spend a great deal of time at an auction wanting to buy either galvanized steel storage shelves or a large green chalkboard shaped like the state of Maine. Be on the lookout for vindictive digital clocks with revenge on their minds.
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This isn't me! What am I?
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In the late 1800s and early 1900s, almost 2 million children were employed as factory workers.
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"I think luck is the sense to recognize an opportunity and the ability to take advantage of it . The man who can smile at his breaks and grabs his chance gets on." -- Samuel Goldwyn, Film executive
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MRP
Marginal Revenue Product
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