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December 11, 2019 

AmosWEB means Economics with a Touch of Whimsy!

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WHEALER-LEA ACT: This was a major amendment to the Federal Trade Commission Act, passed in 1938, that gave powers to the Federal Trade Commission to investigate unfair and deceptive business practices and to prevent false advertising. The Whealer-Lea Act was a major step in moving the Federal Trade Commission into its current role as more of a consumer protection agency than a monopoly buster.

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PURPLE SMARPHIN
Your compete MICRO*scope for today

You are the type of person who knows that you are highly intelligent, but has no reason to flaunt it. Family and friends never question your judgement, although they always question your fashion sense. Today, you are likely to spend a great deal of time browsing through a long list of dot com websites looking to buy either a three-hole paper punch or decorative picture frames. Be on the lookout for infected paper cuts. You should consider shopping at stores or businesses beginning with the letter G, but do not buy any products with a serial number or product code containing the number 554615. Your preferred shopping venue is the Internet. Your special symbol is the exclamation point (!).


Is this You?

As a Purple Smarphin, you are the brightest and most intelligent person you know. And that goes for shopping, too. You know exactly what you want. You know exactly what it costs. You know exactly when and where to buy. But, of course, shopping is only one of the many activities that attracts your intellectual attention. You shop when you need to and buy if have to, but shopping is not the end all of your life.


This isn't me! What am I?
AMERICAN ECONOMIC ASSOCIATION

A formal organization of professional economists that promotes economic research, organizes annual meetings and conferences, and maintains a list of publications in several economics subjects. The American Economic Association (AEA) was originally organized by a small group interested in economics at a meeting in 1888 in Saratoga, New York. However, as interest in the subject grew, it officially incorporated in 1923. Although the AEA contained only a small number of members in the beginning, today the membership is approximately 18,000. In addition, about 4,600 libraries, institutions, and firms subscribe to the quarterly publications of the AEA.

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Shopping Around For RETAIL PRICES

It's time for another one of our frequent stops at Mr. Market Super Food Discount Store, this time to check out the story behind retail prices. As consumers, we spend a large fraction of our nonworking, nonsleeping lives wandering grocery stores aisles, searching clothing store racks, and surveying department store displays for the right product at the right price. How do we know, like the name of the long-running game show, if "The Price is Right?" How are retail prices set and do they really tell us the value of a product?
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APLS

On a typical day, the United States Mint produces over $1 million worth of dimes.
"There comes a time when the mind takes a higher plane of knowledge but can never prove how it got there. "

-- Albert Einstein, physicist

MFC
Marginal Factor Cost
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