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May 26, 2022 

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KALDOR-HICKS IMPROVEMENT: Based on the Kaldor-Hicks efficiency criterion, the notion that an action improves efficiency if the willingness to pay of those benefiting exceed the willingness to accept of those harmed. In other words, if those gains exceed those losses, or the benefits exceed the costs, then social welfare is improved and undertaking the action provides a net benefit to society. In other words, the winners can, in principle, compensate the losers for their loss, and still come out ahead. The actual compensation, however, is required. A contrasting condition for attaining efficiency is the Pareto improvement.

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3-6-3 RULE: An informal rule of operation of savings and loan associations in the 1950s and 1960s in which a 3 percent interest was paid on savings accounts, a 6 percent interest was charged for mortgage loans, and the president was playing golf by 3:00 o'clock in the afternoon. This informal rule is used to indicate that the savings and loan industry during this period was far removed from the high-stressed financial markets that characterize modern banking.

     See also | savings and loan association | bank | loan | saving | deposit | financial market | Federal Home Loan Bank |


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AVERAGE PRODUCT AND MARGINAL PRODUCT

A mathematical connection between average product and marginal product stating that the change in the average product depends on a comparison between the average product and marginal product. If marginal product is less than average product, then average product declines. If marginal product is greater than average product, then average product rises. If marginal product is equal to average product, then average product does not change.

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Today, you are likely to spend a great deal of time at an auction hoping to buy either a set of serrated steak knives, with durable plastic handles or a pair of blue silicon oven mitts. Be on the lookout for door-to-door salesmen.
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Sixty percent of big-firm executives said the cover letter is as important or more important than the resume itself when you're looking for a new job
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