AmosWEB is Economics: GLOSS*arama

Tuesday
June 17, 2025

AmosWEB means Economics with a Touch of Whimsy!

WELFARE: An assortment of programs that provide assistance to the poor. The cornerstone of our welfare system is Aid to Families with Dependent Children (AFDC), which was created by the Social Security Act (1935). It provides cash benefits to assist needy families with children under the age of 18. Funding comes partly from the federal government and partly from states. Because states also administer their own programs, benefits and qualification criteria differ from state to state. A second part of the welfare system, one that's run entirely by the federal government, is Supplemental Security Income (SSI). This program provides cash benefits to elderly, blind, and disabled in addition to any benefits received through the Social Security system. Our welfare system includes a whole bunch of additional benefits, including Medicaid, food stamps, low-cost housing, school lunches, job training, day care, and earned-income tax credits.

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BILATERAL MONOPOLY: A market containing a single buyer and a single seller. Bilateral monopoly is the combination of a monopoly market on the selling side and a monopsony market on the buying side. Factor markets tend to offer the best examples of bilateral monopolies, and thus is the field of economic analysis where this term generally surfaces. A market dominated by a profit-maximizing monopoly tends to charge a higher price. A market dominated by a profit-maximizing monopsony tends to pay a lower price. When combined into a bilateral monopoly, the buyer and seller are forced to negotiate a price. Then resulting price could end up anywhere between the higher monopoly's price and the lower monopsony's price. Where the price ends ups depends on the relative negotiating power of each side.

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BILATERAL MONOPOLY, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2025. [Accessed: June 17, 2025].

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AGGREGATE SUPPLY INCREASE, SHORT-RUN AGGREGATE MARKET

A shock to the short-run aggregate market caused by an increase in aggregate supply, resulting in and illustrated by a rightward shift of the short-run aggregate supply curve. An increase in aggregate supply in the short-run aggregate market results in a decrease in the price level and an increase in real production. The level of real production resulting from the shock can be greater or less than full-employment real production.

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ORANGE REBELOON
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Today, you are likely to spend a great deal of time waiting for visits from door-to-door solicitors wanting to buy either arch supports for your shoes or an AC adapter that works with your MPG player. Be on the lookout for cardboard boxes.
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A U.S. dime has 118 groves around its edge, one fewer than a U.S. quarter.

"The secret of getting ahead is getting started. The secret of getting started is breaking your complex, overwhelming tasks into small manageable tasks, and then starting on the first one. "

-- Mark Twain, writer

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