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FARM PROBLEM: The short-run situation in which weather variability creates large fluctuations in farm prices, combined with the long-run situation in which technological advances increase production capabilities even though the demand for agricultural production declines relative to the growth of the overall economy. Taken together these two situations lead to highly unstable farm incomes that tend to decline over time. The solution to this problem has been significant government intervention in the agricultural industry, especially through assorted subsidies and price floors.
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LAW OF DIMINISHING MARGINAL UTILITY A principle stating that as the quantity of a good consumed increases, eventually each additional unit of the good provides less additional utility--that is, marginal utility decreases. Each subsequent unit of a good is valued less than the previous one. The law of diminishing marginal utility helps to explain the negative slope of the demand curve and the law of demand.
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BROWN PRAGMATOX
[What's This?]
Today, you are likely to spend a great deal of time looking for the new strip mall out on the highway seeking to buy either a birthday greeting card for your father or a T-shirt commemorating the first day of spring. Be on the lookout for rusty deck screws.
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Ragnar Frisch and Jan Tinbergen were the 1st Nobel Prize winners in Economics in 1969.
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"Intense concentration hour after hour can bring out resources in people they didn't know they had. " -- Edwin Land, inventor, entrepreneur
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NFS
Not For Sale
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