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October 18, 2018 

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PARETO EFFICIENCY: A type of efficiency that results if one person can not be made better off without making someone else worse off. Named after Vilfredo Pareto, this criterion is the guiding theoretical notion of efficiency used in the study of economics, especially welfare economics. Pareto efficiency is generally not attained if some resources are idle or unemployed. By engaging idle resources in production, some people can have more production without reducing that available to others. A problem with Pareto efficiency, however, is that it is based on the existing distribution of income and wealth. This is one of two noted efficiency criteria used in economics. The other is Kaldor-Hicks efficiency.

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COST: Best referred to as opportunity cost, this is the highest valued alternative foregone in the pursuit of an activity. This is a hallmark of anything dealing with economics -- or life for that matter -- because any action that you take prevents you from doing something else. The value expressed in terms of satisfaction of the foregone activity is your opportunity cost. Because there are usually several alternatives that aren't pursued, opportunity cost is the highest-valued one. An opportunity cost is sometimes compensated with some form of payment, like a wage. However, the existence of an opportunity cost is independent of any actual cash outlay.

     See also | opportunity cost | economic cost | economics | value | satisfaction | explicit cost | implicit cost | accounting cost |


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COST, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2018. [Accessed: October 18, 2018].


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LIMITED LIABILITY

A condition in which owners of a business are not personally held responsible for the debts created by the business. Corporations are the most noted types of business organizations in which owners have limited liability. Limited liability makes it possible for a business to accumulate large sums of money and thus to take advantage of large scale production. The alternative to limited liability is unlimited liability, a characteristic of proprietorships and partnerships.

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Today, you are likely to spend a great deal of time looking for a downtown retail store trying to buy either a rechargeable battery for your camera or a coffee cup commemorating the first day of spring. Be on the lookout for strangers with large satchels of used undergarments.
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A lump of pure gold the size of a matchbox can be flattened into a sheet the size of a tennis court!
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