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January 22, 2018 

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LIABILITY: Something that you owe. The biggest liabilities for most consumers are loans, including mortgages, car loans, credit-card balances, and installment accounts at stores.

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GOVERNMENT INTERVENTION: Actions on the part of government that affect economic activity, resource allocation, and especially the voluntary decisions made through normal market exchanges. Government, by its very nature, is designed to intervene in voluntary market activity. Some of the more common types of government intervention includes taxes, price controls, assorted regulations, and control over government spending. The general justification for government intervention is that voluntary decisions by consumers and businesses fail to achieve efficiency or other goals deemed important by society.

     See also | government | market | market failure | public choice | voluntary exchange | involuntary exchange | tax | price ceiling | price floor | regulation | fiscal policy | regulatory policy | efficiency | economic goals |


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GOVERNMENT INTERVENTION, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2018. [Accessed: January 22, 2018].


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CHANGE IN SUPPLY

A shift of the supply curve caused by a change in one of the supply determinants. A change in supply is caused by any factor affecting supply EXCEPT price. A related, but distinct, concept is a change in quantity supplied.

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BLUE PLACIDOLA
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Today, you are likely to spend a great deal of time at a going out of business sale trying to buy either looseleaf notebook paper or a three-hole paper punch. Be on the lookout for pencil sharpeners with an attitude.
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The average length of a "business lunch" is about 36 minutes.
"Now is the only time there is. Make your now wow, your minutes miracles, and your days pay. Your life will have been magnificently lived and invested, and when you die you will have made a difference."

-- Mark Victor Hansen

JLE
Journal of Law and Economics
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