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October 25, 2014 

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DISCRETIONARY INCOME: After-tax income over which a person (or the entire household sector) has more or less complete discretionary control, which can be then used for either consumption or saving. Discretionary income is most commonly measured at the macroeconomic level by disposable income.

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PRICE CEILING: A legally established maximum price. The government is occasionally inclined to keep the price of one good or another from rising too high. Examples include apartments, gasoline, and natural gas. While the goal is invariably a noble one--like keeping stuff affordable for poor people--a price ceiling often does more harm than good. First, it usually creates a shortage, meaning that many of the buyers who being protected against high prices, can't even buy the good. Second, as a consequence of this shortage, a price ceiling is likely to generate a black market where the good is sold illegally above the price ceiling.

     See also | market | price | regulation | shortage | black market | price floor |


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PRICE CEILING, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2014. [Accessed: October 25, 2014].


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MARGINAL FACTOR COST CURVE

A curve that graphically represents the relation between marginal factor cost incurred by a firm for hiring an input and the quantity of input employed. A profit-maximizing firm hires the quantity of input found at the intersection of the marginal factor cost curve and marginal revenue product curve. The marginal factor cost curve for a firm with no market control is horizontal. The marginal factor cost curve for a firm with market control is positively sloped and lies above the average factor cost curve.

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APLS

State of the ECONOMY

Productivity
2nd Quarter 2014
Up 2.3% from 1st Quarter 2014
Source: BLS

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BROWN PRAGMATOX
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Today, you are likely to spend a great deal of time strolling around a discount warehouse buying club hoping to buy either income tax software or a how-to book on the art of negotiation. Be on the lookout for poorly written technical manuals.
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Much of the $15 million used by the United States to finance the Louisiana Purchase from France was borrowed from European banks.
"We work to become, not to acquire. "

-- Elbert Hubbard, editor

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Journal of Public Economics
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