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THREE QUESTIONS OF ALLOCATION: The three basic questions that an economy must answer because of limited resources and unlimited wants and needs are: What? How? and For Whom? The basic problem of scarcity requires every society to determine: What goods to produce? How to produce the goods? and Who receives the goods that are produced?
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INDUSTRY REGULATION: Government regulation of an entire industry. The most common industry regulation has been in airline, railroad, trucking, banking, and television broadcasting. The objective of industry regulation is for a regulatory agency to keep a close eye on an industry's prices and product to ensure that they don't start a monopoly and take advantage of consumers. Unfortunately more than a few of the regulatory agencies have been prone to work too closely with those they regulate, in large part because regulators move freely between industry and agency. The agency often ends up working for the industry and running what is effectively a legal monopoly that raises prices, prevents competition, and gouges consumers. See also | regulation | government | monopoly | competition | market control | capture theory of regulation | fourth rule of competition | deregulation |
Recommended Citation:INDUSTRY REGULATION, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2018. [Accessed: October 16, 2018].
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NOT IN THE LABOR FORCE Anyone who is not classified by the Bureau of Labor Statistics (BLS) as members of the labor force, either employed persons or unemployed persons. This catch-all category is largely comprised of several notable segments of the population, such as young, elderly, homemakers, and military. However, it includes others who are either unwilling or unable to engage in productive activities for assorted reasons. The "not in the labor force" numbers are computed monthly by the BLS along with other employment and labor force information using data generated by the Current Population Survey.
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BLUE PLACIDOLA
[What's This?]
Today, you are likely to spend a great deal of time at the confiscated property police auction trying to buy either a T-shirt commemorating the second moon landing or a coffee cup commemorating Thor Heyerdahl's Pacific crossing aboard the Kon-Tiki. Be on the lookout for defective microphones.
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The first "Black Friday" on record, a friday marked by a major financial catastrophe, occurred on September 24, 1869 -- A FRIDAY -- when an attempted cornering of the gold market induced a financial crises and economy-wide depression.
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"Success is more a function of consistent common sense than it is of genius. " -- An Wang, industrialist
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AFBD
Association of Futures Brokers and Dealers (UK)
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