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FIRST ESTATE: In past centuries, this included the religious leaders and clergy. In modern times, I like to use it in reference to politicians and government leaders who can exert a great deal of control over resources through the coercive powers of government. One historical function of the first estate is to protect the less powerful consumers, taxpayers, and workers of the third estate from the market control typically held by the business leaders of the second estate. It is not uncommon, however, for an unhealthy degree of cooperation between the first and second estates, which often ends up with the enslavement of the third estate (figuratively and literally). At times help is forthcoming from the watchdog journalist of the fourth estate--unless they too have been overtaken by the ruling elite.
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KINKED-DEMAND CURVE A demand curve with two distinct segments which have different elasticities that join to form a corner or kink. The primary use of the kinked-demand curve is to explain price rigidity in oligopoly. The two segments are: (1) a relatively more elastic segment for price increases and (2) a relatively less elastic segment for price decreases. The relative elasticities of these two segments is based on the interdependent decision-making of oligopolistic firms.
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PINK FADFLY
[What's This?]
Today, you are likely to spend a great deal of time going from convenience store to convenience store seeking to buy either a decorative windchime with plastic or a flower arrangement for that special day for your mother. Be on the lookout for deranged pelicans.
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This isn't me! What am I?
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The average bank teller loses about $250 every year.
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"You miss 100% of the shots you never take. " -- Wayne Gretzky, hockey player
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NPV
Net Present Value
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