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December 4, 2016 

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Something, something about finals?

Lack of sleep.
Roommate finishing early.
No more boring lectures.
Semester almost over.
Forgot you were taking a class.
That other thing.

WANT: This is often thought of as a psychological desire which makes life just a little more enjoyable, but which is not physiological necessary to life. You need oxygen, but you want a hot fudge sundae. Satisfaction is achieved by fulfilling wants.

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VOLUNTARY EXCHANGE: The process of willingly trading one item for another. The emphasis here is on "willingly." Voluntary exchanges are the heart and soul of market transactions, and should be contrasted with the "involuntary" exchanges mandated by government taxes, laws, and regulations. While involuntary government-forced exchanges play an important role in a mixed economy, economists really, really like voluntary market exchanges because they promote economic efficiency.

     See also | exchange | market | price | involuntary exchange | government | taxes | regulation | government functions | mixed economy |


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VOLUNTARY EXCHANGE, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2016. [Accessed: December 4, 2016].


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WEB*pedia: voluntary exchange

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INFORMATION SEARCH

The decision to seek out or produce information based on a comparison of the cost of acquiring the information and the benefit obtained from the information. Efficient information search is achieved with a equality between the marginal cost of search and the marginal benefit of search. Because the marginal cost of search is invariably greater than zero, search effort stops short of acquiring complete information.

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APLS

State of the ECONOMY

U 3 Unemployment
November 2015
5.0% No Change
Bureau of Labor Statistics

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BEIGE MUNDORTLE
[What's This?]

Today, you are likely to spend a great deal of time going from convenience store to convenience store wanting to buy either a T-shirt commemorating the 2000 Presidential election or a really, really exciting, action-filled video game. Be on the lookout for rusty deck screws.
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This isn't me! What am I?

Al Capone's business card said he was a used furniture dealer.
"Wise men speak because they have something to say; Fools because they have to say something. "

-- Plato, philosopher

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