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DEMERIT GOOD: A good that society, usually government, deems is overvalued by consumers in normal market exchanges. As such, governments typically restrict the consumption of demerit goods through policies such as taxes or direct government control. Demerit goods are often have characteristics of quasi-public goods or externality by-products. Examples include tobacco and narcotic drugs. The counter type of good is a merit good.
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Lesson 11: Circular Flow | Unit 1: Basic Flow
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The three aggregated markets in the circular flow are:- Product markets: The combination of all markets in the economy that exchange final goods and services. These markets are the mechanism that exchanges gross domestic product. These are also termed the aggregate market.
- Factor markets: These markets exchange the services of the economy's resources, or factor of production--labor, capital, land, and entrepreneurship. These are also called resource markets.
- Financial markets: These are markets that trade financial instruments, like stocks and bonds. They play an important role in capital investment.
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SIXTH RULE OF IGNORANCE The sixth of seven basic rules of the economy, stating that obtaining information is a costly activity that requires resources with alternative uses. As such, no one knows everything and everyone is ignorant about something.
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BLACK DISMALAPOD
[What's This?]
Today, you are likely to spend a great deal of time at a dollar discount store seeking to buy either a box of multi-colored, plastic paper clips or several orange mixing bowls. Be on the lookout for broken fingernail clippers.
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The first paper currency used in North America was pasteboard playing cards "temporarily" authorized as money by the colonial governor of French Canada, awaiting "real money" from France.
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"Plans are only good intentions unless they immediately degenerate into hard work." -- Peter Drucker, management consultant
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ACH
Automated Clearinghouse
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