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November 20, 2019 

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BBB: The abbreviation for the Better Business Bureau, a group of businesses and organizations in a local community that seek to eliminate unethical business practices and protect consumers. The first Better Business Bureau was established in 1912 in Minnesota. Today, most local communities (read this as cities) throughout North America have Better Business Bureaus. This private response to questionable business practices should be compare with the government response, the Federal Trade Commission.

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JUST PRICE: A somewhat archaic term developed by St. Thomas Aquinas that the price of a good should equal the worth generally agreed to by society. This is based on a notion of justice and fairness that goods should only be exchange for something of equal value or worth. For example, if ice cream readily sells for a dollar a scoop throughout the city, but one vendor charges two dollars, then this higher price would not be considered a just price. This view of a just price is relies on the view that each good has an intrinsic value which is inconsistent with modern views of markets, prices, and subjective values.

     See also | price | second rule of subjectivity | market | demand price | supply price |


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MOBILITY

The movement of factors of production from one productive activity to another. In particular, mobility is the ease with which resources can change production activities. Mobility generally takes one of two forms--geographic mobility (movement from place to place) and occupational mobility (movement from job to job). Mobility is a key determinant of factor supply.

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APLS

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Today, you are likely to spend a great deal of time flipping through the yellow pages hoping to buy either a how-to book on the art of negotiation or a flower arrangement for your aunt. Be on the lookout for small children selling products door-to-door.
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Two and a half gallons of oil are needed to produce one automobile tire.
"Try first to be a man of value; success will follow. "

-- Albert Einstein, physicist

ALAC
Latin American Free Trade Area
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