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January 19, 2018 

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INDIFFERENCE MAP: A graph of two or more indifference curves. Higher indifference curves are associated with higher levels of utility.

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PRIVATE SECTOR: A short-cut term that combines the households and businesses in the economy into a single group. This term should be contrasted directly with public sector, which is a comparable short-cut term for government. The distinction between private sector and public sector reflects the two basic methods of answering the three questions of allocation--markets and government. Markets make use of private ownership and control of resources (hence the term "private" sector) for voluntary allocation decisions.

     See also | household sector | business sector | public sector | government sector | three questions of allocation | ownership and control | liberal | conservative | government functions | market failure | fifth rule of imperfection | public choice | normative economics |


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PRIVATE SECTOR, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2018. [Accessed: January 19, 2018].


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SCARCE

A condition in which a given good or resource is limited relative to its desired uses. This is a special condition of the general condition of scarcity. A scarce good or resource is typically exchanged through markets and carries a positive price.

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GREEN LOGIGUIN
[What's This?]

Today, you are likely to spend a great deal of time at a crowded estate auction hoping to buy either a box of multi-colored, plastic paper clips or several orange mixing bowls. Be on the lookout for pencil sharpeners with an attitude.
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This isn't me! What am I?

Lewis Carroll, the author of Alice in Wonderland, was the pseudonym of Charles Dodgson, an accomplished mathematician and economist.
"You are never given a dream without also being given the power to make it true."

-- Richard Bach, Author

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Organization of American States
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