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MARKET FAILURES: Conditions in which a market does not efficiently allocate resources to achieve the greatest possible consumer satisfaction. The four main market failures are--(1) public good, (2) market control, (3) externality, and (4) imperfect information. In each case, a market acting without any government imposed direction, does not direct an efficient amount of our resources into the production, distribution, or consumption of the good.
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MARSHALLIAN CROSS A diagram illustrating the market model, with price measured on the vertical axis and quantity measured on the horizontal axis, with the law of demand represented as a downward-sloping demand curve and the law of supply represented as an upward-sloping supply curve. The derivation of this name comes from the "Marshall" part of noted economist Alfred Marshall, and the intersection or "cross" of the demand and supply curves achieved at that market equilibrium.
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YELLOW CHIPPEROON
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Today, you are likely to spend a great deal of time at the confiscated property police auction hoping to buy either a large red and white striped beach towel or a bottle of blackcherry flavored spring water. Be on the lookout for infected paper cuts.
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The Dow Jones family of stock market price indexes began with a simple average of 11 stock prices in 1884.
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"A people that values its privileges above its principles soon loses both. " -- Dwight Eisenhower, 34th US president
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FITW
Federal Income Tax Witholding
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