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December 21, 2014 

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C CORPORATION: The term used for a standard corporation to distinguish it from the new S corporation. As such, it is established as a separate legal entity, sells ownership shares, and owners have limited liability. The difference is that a C corporation is subject to double taxation but an S corporation is not.

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SCARCITY: A pervasive condition of human existence that exists because society has unlimited wants and needs, but limited resources used for their satisfaction. In other words, while we all want a bunch of stuff, we can't have everything that we want. In slightly different words, this scarcity problem means: (1) that there's never enough resources to produce everything that everyone would like produced; (2) that some people will have to do without some of the stuff that they want or need; (3) that doing one thing, producing one good, performing one activity, forces society to give up something else; and (4) that the same resources can not be used to produce two different goods at the same time. We live in a big, bad world of scarcity. This big, bad world of scarcity is what the study of economics is all about. That's why we usually subtitle scarcity: THE ECONOMIC PROBLEM.

     See also | first rule of scarcity | unlimited wants and needs | limited resources | satisfaction | resources | wants | needs | production | consumption | economics | opportunity cost | scarce resource |


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SCARCITY, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2014. [Accessed: December 21, 2014].


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DEMAND ELASTICITY AND TOTAL EXPENDITURE

The notion that price-induced changes in total expenditure (price times quantity) depend on the relative price elasticity of demand. If demand is relatively elastic, then changes in price cause total expenditure to change in the opposite direction. If demand is relatively inelastic, then changes in price cause total expenditure to change in the same direction. If demand is unit elastic, then changes in price do not cause any change in total expenditure.

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State of the ECONOMY

Federal Discount Rate
November 7, 2014
0.75%
Steady

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BLUE PLACIDOLA
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Today, you are likely to spend a great deal of time touring the new suburban shopping complex looking to buy either a genuine fake plastic Tiffany lamp or a microwave over that won't burn your popcorn. Be on the lookout for the happiest person in the room.
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Natural gas has no odor. The smell is added artificially so that leaks can be detected.
"The man who can drive himself further once the effort gets painful is the man who will win. "

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