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WIDGET: A fictitious good commonly used by economic instructors to demonstrate economic principles or undertake hypothetical analyses. For example, the analysis of short-run production for a firm might be demonstrated through the production of widgets. Alternatively, the law of demand might be illustrated with a table or curve comparing the price of widgets with the quantity demanded of widgets. If such a good exists, and there is no clear evidence that widgets have every existed, it is a small mechanical device, constructed of interlocking cogs, several knobs, and at least one handle. Widgets are most often used when thingamajigs and dohickies are unavailable.

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SECOND-DEGREE PRICE DISCRIMINATION: A form of price discrimination in which a seller charges the different prices for different quantities of a good. This also goes by the name block pricing. This is possible because the different quantities are purchased by different types of buyers with different demand elasticities. This is one of three price discrimination degrees. The others are first-degree price discrimination and third-degree price discrimination.

     See also | price discrimination | market control | first-degree price discrimination | third-degree price discrimination | demand price | monopoly | price elasticity of demand |


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SECOND-DEGREE PRICE DISCRIMINATION, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2025. [Accessed: May 23, 2025].


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TAXATION BASICS

Taxes are mandatory payments from members of society to governments. The total tax revenue collected from a specific tax can be identified as the product of the tax rate times the tax base. The tax base can be specified as either a physical quantity or monetary value, giving rise to two types of tax per unit tax (quantity) and ad valorem tax (value). In some cases it is useful to specify a tax rate as an average tax rate and in other cases as a marginal tax rate.

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Okun's Law posits that the unemployment rate increases by 1% for every 2% gap between real GDP and full-employment real GDP.
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