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JUST PRICE: A somewhat archaic term developed by St. Thomas Aquinas that the price of a good should equal the worth generally agreed to by society. This is based on a notion of justice and fairness that goods should only be exchange for something of equal value or worth. For example, if ice cream readily sells for a dollar a scoop throughout the city, but one vendor charges two dollars, then this higher price would not be considered a just price. This view of a just price is relies on the view that each good has an intrinsic value which is inconsistent with modern views of markets, prices, and subjective values.

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Lesson 4: Production Possibilities | Unit 2: The Schedule Page: 5 of 24

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This is a simple, hypothetical production possibilities schedule for the economy.
  • The economy is using all resources with given technology to efficiently produce two goods, jogging shoes and quartz clock calibrators.
  • Bundles A through K represent production alternatives for the economy, such as bundle D with 3 calibrators and 425 pairs of shoes. We have unlimited possibilities using available resources and technology to the fullest extent.
  • All shoes, no calibrators, bundle A.
  • All calibrators, no shoes, bundle K.
  • Some of each good, bundles E or J.
  • How about 9 calibrators and 410 pairs of shoes? No! Each bundle is the maximum we can produce.

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FALLACY OF FALSE AUTHORITY

The logical fallacy of arguing that something is "correct" or "true" because an "expert" in an unrelated area says so. This is commonly used by both advertisers, politicians, and anyone who relies an "apparent expert" for the "correct" answers to controversial issues.

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Today, you are likely to spend a great deal of time surfing the Internet hoping to buy either a computer that can play video games and burn DVDs or a black duffle bag with velcro closures. Be on the lookout for slow moving vehicles with darkened windows.
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Only 1% of the U.S. population paid income taxes when the income tax was established in 1914.
"When I look back on all these worries, I remember the story of the old man who said on his deathbed that he had had a lot of trouble in his life, most of which had never happened. "

-- Winston Churchill, British statesman

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