|
|
VOTING PARADOX: The observation that voting by a relatively small group of people might generate a intransitive or inconsistent ranking of three or more alternatives, creating a paradox of rankings. The preferences of rational individuals are generally assumed to transitive and consistent, that is, if a person prefers A to B and B to C, then the person also prefers A to C. However, the preferences of group of voters might not be consistent. That is, as a group, voters might prefer A to B and B to C, but then prefer C to A. This is not only paradoxical and confusing, it also can be inefficient.
Visit the GLOSS*arama
|
|
|
|
|
Lesson 1: Economic Basics | Unit 5: Policies
|
Page: 17 of 18
|
- The use of government policies to pursue the five economic goals of a mixed economy.
- The four government policies used to pursue economic goals: fiscal, monetary, regulatory, judicial.
- The five reasons for government action: instability, public goods, limited competition, externalities, and inadequate information.
- The four imperfections of government action: voter apathy, special interest groups, re-election minded politicians, and complex bureaucracies.
|
|
|
|
|
|
|
PROFIT MAXIMIZATION The process of obtaining the highest possible level of profit through the production and sale of goods and services. The profit-maximization assumption is the guiding principle underlying production by a firm. In particular, it is assumed that firms undertake actions and make the decisions that increase profit. The profit-maximization assumption is the production counterpart to the utility-maximization assumption for consumer behavior.
Complete Entry | Visit the WEB*pedia |
|
|
BLUE PLACIDOLA
[What's This?]
Today, you are likely to spend a great deal of time at a dollar discount store seeking to buy either a travel case for you toothbrush or a looseleaf notebook binder. Be on the lookout for slow moving vehicles with darkened windows.
Your Complete Scope
This isn't me! What am I?
|
|
|
More money is spent on gardening than on any other hobby.
|
|
|
"Always remember that striving and struggle precede success, even in the dictionary. " -- Sarah Ban Breathnach, writer
|
|
ATM
Automated Teller Machine
|
|
|
Tell us what you think about AmosWEB. Like what you see? Have suggestions for improvements? Let us know. Click the User Feedback link.
User Feedback
|
|
