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January 17, 2018 

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FALLACY OF DIVISION: The logical fallacy of arguing that what is true for the whole is also true for the parts. In the study of economics, this takes the form of assuming that what works for the aggregate, or macroeconomy, also works for parts of the economy, such as households or businesses. The contrasting fallacy that you should check out is the fallacy of composition.

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PROPERTY RIGHTS: The legal ownership of resources, which entitles the owner to receive the benefits or pay the cost of the resources' productive activities. The notion of property rights came originally from the ownership of land (and the natural resources of the land), but it's equally important for labor and capital resources. In other words, your labor ownership gives you the right to be paid a wage for your work.

     See also | resources | goods | services | ownership and control | private property | labor | capital | land | entrepreneurship | good types | market failures | common-property good | near-public good | private good | public good |


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MARSHALLIAN CROSS

A diagram illustrating the market model, with price measured on the vertical axis and quantity measured on the horizontal axis, with the law of demand represented as a downward-sloping demand curve and the law of supply represented as an upward-sloping supply curve. The derivation of this name comes from the "Marshall" part of noted economist Alfred Marshall, and the intersection or "cross" of the demand and supply curves achieved at that market equilibrium.

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Today, you are likely to spend a great deal of time at the confiscated property police auction seeking to buy either a flower arrangement for that special day for your mother or a New York Yankees baseball cap. Be on the lookout for slow moving vehicles with darkened windows.
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Three-forths of the gold mined each year is used to manufacture jewelry.
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