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June 26, 2019 

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WORLD BANK: (International Bank for Reconstruction and Development) An agency of the United Nations that was established in 1945 to promote the economic development of the poorer nations in the world. They pursue this goal by providing low-interest loans to less development countries and offering technical assistance on the best ways to use these loans. Funds for the loans are obtained by the World Bank by selling bonds on the world's financial markets. It's long-run economic development orientation is usually coordinated with the shorter-run efforts of its sister U. N. agency, the International Monetary Fund.

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PRICE-COST MARGIN: The difference between price (p) and marginal cost (mc) as a fraction of price, that is [p-mc]/p. The price-cost margin is usually taken as an indicator of market power because the larger the margin, the larger the difference between price and marginal cost, that is, the larger the distance between the price and the competitive price. The price-cost margin depends on the elasticity of demand. The price-cost margin is also called the Lerner index of market power.

     See also | market power | monopoly | price | competitive market | price maker | price leadership | marginal-cost pricing | Lerner index |


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THIRD RULE OF INEQUALITY

The third of seven basic rules of the economy, stating that resources, income, and wealth are not equally distributed. Some people have more resources, income, and wealth and some people have less. Such inequality is due to natural abilities, acquired talents, market control, political power, and sheer luck.

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APLS

BEIGE MUNDORTLE
[What's This?]

Today, you are likely to spend a great deal of time visiting every yard sale in a 30-mile radius hoping to buy either an extra large beach blanket or a large flower pot shaped like a Greek urn. Be on the lookout for slow moving vehicles with darkened windows.
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A thousand years before metal coins were developed, clay tablet "checks" were used as money by the Babylonians.
"You can't use up creativity. The more you use, the more you have. "

-- Maya Angelou, poet

WTO
World Trade Organization
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