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ECONOMIC SYSTEM: The assorted institutions that society uses to answer the three basic questions of allocation and address the fundamental problem of scarcity. Another, more popular term for economic system is economy. An economy, or economic system, is the structural framework in which households, businesses, and governments undertake the production and consumption decisions that allocate limited resources to satisfy unlimited wants and needs.
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PRICE DISCRIMINATION The act of selling the same good to different buyers for different prices that are not justified by different production costs. This is practiced by suppliers who have achieved some degree of market control, especially monopoly. Common examples of price discrimination are electricity rates, long-distance telephone charges, movie ticket prices, airplane ticket prices, and assorted child or senior citizen discounts. Price discrimination takes the form of one of three degrees: (1) first degree, in which each price is the maximum price that buyers are willing and able to pay, (2) second degree, in which price is based on the quantity sold, and (3) third degree, in which prices are based on an easily identifiable characteristic of the buyer.
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BEIGE MUNDORTLE
[What's This?]
Today, you are likely to spend a great deal of time strolling through a department store wanting to buy either an AC adapter that works with your MPG player or rechargeable batteries. Be on the lookout for jovial bank tellers.
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On a typical day, the United States Mint produces over $1 million worth of dimes.
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"It is the mark of an educated mind to be able to entertain a thought without accepting it." -- Aristotle
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LF
Labor Force, Laissez-Faire
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