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THIRD ESTATE: In past centuries, this included the peasants, serfs, or slaves who performed the dirty deeds for the ruling elite. In modern times, this is the workers, taxpayers, and consumers who have limited ownership of and control over resources usually nothing more than their own labor. The third estate, which forms the backbone of any modern economy, is usually at odds with the business leaders of the second estate. Help may come from the government leaders of the first estate or the journalist of the fourth estate--but don't count on it.
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OLIGOPOLY A market structure characterized by a small number of large firms that dominate the market, selling either identical or differentiated products, with significant barriers to entry into the industry. This is one of four basic market structures. The other three are perfect competition, monopoly, and monopolistic competition. Oligopoly dominates the modern economic landscape, accounting for about half of all output produced in the economy. Oligopolistic industries are as diverse as they are widespread, ranging from breakfast cereal to cars, from computers to aircraft, from television broadcasting to pharmaceuticals, from petroleum to detergent.
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YELLOW CHIPPEROON
[What's This?]
Today, you are likely to spend a great deal of time at an auction looking to buy either a pair of blue silicon oven mitts or a coffee cup commemorating the 2000 Olympics. Be on the lookout for slightly overweight pizza delivery guys.
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This isn't me! What am I?
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The first "Black Friday" on record, a friday marked by a major financial catastrophe, occurred on September 24, 1869 -- A FRIDAY -- when an attempted cornering of the gold market induced a financial crises and economy-wide depression.
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"Do not stop thinking of life as an adventure. You have no security unless you can live bravely, excitingly, imaginatively, unless you can choose a challenge instead of a competence. " -- Eleanor Roosevelt, first lady
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LAD
Least Absolute Deviations
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