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December 19, 2018 

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GUILD: In medieval European times, a collection of artisans or merchants in the same occupation or industry, often in a particular location. Guilds were the forerunners of modern craft unions. They typical set quality standards and criteria for entry into the profession. Doing so allowed guilds to limit competition, monopolize their markets, keep prices high, and boost guild member incomes.

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POVERTY LINE: The official measure of the income needed by a family based on family size, location, and characteristics of the head of the household. The official U.S. poverty line is based on more of a relative poverty level rather than an absolute poverty level. For example, a family of two living in a rural area would need a different amount of money to stay above the official poverty line that would a family of four living in a city.

     See also | income | welfare | poverty | absolute poverty | relative poverty level | poverty rate | income distribution |


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DERIVATION, PRODUCTION POSSIBILITIES CURVE

A production possibilities curve, which illustrates the alternative combinations of two goods that an economy can produce with given resources and technology, is often derived from a production possibilities schedule. This derivation involves plotting each bundle from the production possibilities schedule as a point in a diagram measuring the two goods on the vertical and horizontal axes.

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Today, you are likely to spend a great deal of time surfing the Internet trying to buy either storage boxes for your winter clothes or several magazines on time travel. Be on the lookout for cardboard boxes.
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The Dow Jones family of stock market price indexes began with a simple average of 11 stock prices in 1884.
"How wonderful it is that nobody need wait a single moment before starting to improve the world. "

-- Anne Frank, diarist

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