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February 21, 2017 

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VERTICAL INTEGRATION: The situation in which a firm participates in more than one successive stage of the production or distribution process. For example a soft drink company that also controls a sugar-producing firm is said to be vertically integrated because the soft drink company does not have to buy sugar from other firms to produce soft drinks. In some cases, two separate firms are vertically integrate because one firm produces a good or service and the other distributes it.

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PRINCIPLE OF THE MEDIAN VOTER: A voting principle stating that the median voter determines the outcome of an election governed by majority rule. The median voter is the one with an equal number of voters on either side of the vote. As such, the vote cast by THE median voter is the deciding or majority vote. However, this median voter's preference might not generate the best, that is, efficient, result.

     See also | public choice | majority rule | super majority rule | unanimity rule | plurality rule | voter paradox | logrolling | explicit logrolling | implicit logrolling | Tiebout hypothesis | principal-agent problem | principle of median location |


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PRINCIPLE OF THE MEDIAN VOTER, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2017. [Accessed: February 21, 2017].


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PRODUCER SURPLUS

The revenue that producers obtain from a good over and above the price paid. This is the difference between the minimum supply price that sellers are willing to accept and the price that they actually receive. A related notion from the demand side of the market is consumer surplus.

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APLS

State of the ECONOMY

U 6 Unemployment
November 2016
9.3% Down a little
Includes those who have given up looking. BLS

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BROWN PRAGMATOX
[What's This?]

Today, you are likely to spend a great deal of time wandering around the shopping mall trying to buy either several magazines on time travel or 500 feet of telephone cable. Be on the lookout for defective microphones.
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This isn't me! What am I?

Al Capone's business card said he was a used furniture dealer.
"No man, for any considerable time, can wear one face to himself and another to the multitude without finally getting bewildered as to which may be true."

-- Nathanial Hawthorne, Author

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Electronic Funds Transfer
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