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TARIFF: A tax that's usually on imports, but occasionally (very rarely) on exports. This is one form of trade barrier that's intended to restrict imports into a country. Unlike nontariff barriers and quotas which increase prices and thus revenue received by domestic producers, a tariff generates revenue for the government. Most pointy-headed economists who spend their waking hours pondering the plight of foreign trade contend that the best way to restrict trade, if that's what you want to do, is through a tariff.
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PRICE FLOOR A legally established minimum price that is imposed on a market ABOVE the price that otherwise would be achieved in equilibrium. A price floor is placed on a market with the goal of keeping the price high, presumably based on the notion that the equilibrium price is too low. If imposed on a competitive market free of market failures, a price floor creates a surplus, or excess supply.
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BEIGE MUNDORTLE
[What's This?]
Today, you are likely to spend a great deal of time going from convenience store to convenience store looking to buy either storage boxes for your summer clothes or 500 feet of coaxial cable. Be on the lookout for infected paper cuts.
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Before 1933, the U.S. dime was legal as payment only in transactions of $10 or less.
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"Use, do not abuse; neither abstinence nor excess ever renders man happy." -- Voltaire, philosopher
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SCF
Survey of Consumer Finances
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