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TRADE BARRIER: A restriction, invariably by government, that prevents free trade among countries. The more popular trade restrictions are tariffs, import quotas, and assorted nontariff barriers. An occasional embargo will be even thrown into this mix. The primary use of trade barriers is to restrict imports from entering in country. By restring imports, domestic producers of the restricted goods are protected from competition and are even subsidized through higher prices. Consumers, though, get the short end of this stick with higher prices and a limited choice of goods. In that producers tend to have more political clout than consumers, it's pretty obvious why trade barriers are a "natural" state of affairs.
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MARGINAL FACTOR COST CURVE, MONOPSONY A curve that graphically represents the relation between marginal factor cost incurred by a monopsony for hiring an input and the quantity of input employed. A profit-maximizing monopsony hires the quantity of input found at the intersection of the marginal factor cost curve and marginal revenue product curve. The marginal factor cost curve for a monopsony with market control is positively sloped and lies above the average factor cost curve.
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BLACK DISMALAPOD
[What's This?]
Today, you are likely to spend a great deal of time at the confiscated property police auction seeking to buy either handcrafted decorations to hang on your walls or throw pillows for your bed. Be on the lookout for slightly overweight pizza delivery guys.
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Three-forths of the gold mined each year is used to manufacture jewelry.
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"Something in human nature causes us to start slacking off at our moment of greatest accomplishment. As you become successful, you will need a great deal of self-discipline not to lose your sense of balance, humility and commitment." -- H. Ross Perot
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GLS
Generalized Least Squares
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