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COMMON MARKET: An agreement among two or more nations to eliminate trade restrictions with each other, to adopt a common trade policy with other nations, and to allow free movement of resources among their countries. There is, however, no effort to adopt common monetary or fiscal policies. This is considered the third of four levels of integration among nations. Customs union, economic union, and free-trade area are the other three levels.
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GOOD TYPES The economy produces four distinct types of goods based on two key characteristics -- consumption rivalry and nonpayer excludability. Consumption rivalry arises if consumption of a good by one person prevents another from also consuming. Nonpayer excludability means potential consumers who do not pay for a good can be excluded from consuming. Private goods are rival in consumption and easily subject to the exclusion of nonpayers. Public goods are nonrival in consumption and the exclusion of nonpayers is virtually impossible. Near-public goods are nonrival in consumption and easily subject to exclusion. Common-property goods are rival in consumption and not easily subject to exclusion. Private goods can be efficiently exchanged through markets. Public, near-public and common-property goods cannot, but require some degree of government involvement for efficiency.
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GREEN LOGIGUIN
[What's This?]
Today, you are likely to spend a great deal of time strolling around a discount warehouse buying club looking to buy either a green fountain pen or a handcrafted bird house. Be on the lookout for broken fingernail clippers.
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The word "fiscal" is derived from a Latin word meaning "moneybag."
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"The secret of getting things done is to act! " -- Dante Alighieri, poet
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Y
Income, Nominal Gross National Product
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