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MARKET FAILURE: A condition in which a market does not efficiently allocate resources to achieve the greatest possible consumer satisfaction. The four main market failures are--(1) public good, (2) market control, (3) externality, and (4) imperfect information. In each case, a market acting without any government imposed direction, does not direct an efficient amount of our resources into the production, distribution, or consumption of the good.

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Lesson 1: Economic Basics | Unit 4: Goals Page: 13 of 18

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  • The three macroeconomic goals of full employment, stability, and growth.
  • The two microeconomic goals of efficiency and equity.
  • The tradeoffs that exist between the five economic goals and why the pursuit of one goal prevents pursuit of another.

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ACCOUNTING PROFIT

The difference between the revenue received by a firm and the explicit accounting cost incurred. This is the profit listed on a firm's balance sheet, appears periodically in the financial sector of the newspaper, and is reported to the Internal Revenue Service for tax purposes. While accounting profit is the "standard" designation of profit used in the business world, economists prefer to use economic profit

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BROWN PRAGMATOX
[What's This?]

Today, you are likely to spend a great deal of time flipping through the yellow pages hoping to buy either several magazines on computer software or a T-shirt commemorating the second moon landing. Be on the lookout for telephone calls from long-lost relatives.
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Post WWI induced hyperinflation in German in the early 1900s raised prices by 726 million times from 1918 to 1923.
"The more you praise and celebrate your life, the more there is in life to celebrate."

-- Oprah Winfrey

MTN
Multilateral Trade Negotiations
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