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COMMUNICATION: The process by which ideas, thoughts, and subsequent feedback is accomplished through encoding, sending, and decoding. In order for effective communication to occur the sender must understand the target audience and encode the message in a way that will be understood. This message is sent in various forms and can be distorted by interference prior to reaching the receiver. Receiver then interprets the message and performs required action and gives necessary feedback to the sender. Utilizing this process correctly is an integral part of the promotion element in the marketing mix.
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WILLINGNESS TO ACCEPT: The price or dollar amount that someone is willing to receive or accept to give up a good or service. Willingness to accept is the source of the supply price of a good. However, unlike supply price, in which sellers are on the spot of actually giving up a good to receive payment, willingness to accept does not require an actual exchange. This concept is important to benefit-cost analysis, welfare economics, and efficiency criteria, especially Kaldor-Hicks efficiency. A related concept is willingness to pay. See also | supply price | efficiency | willingness to pay | benefit-cost analysis | welfare economics | Kaldor-Hicks efficiency | Pareto efficiency | externality | market failure |
Recommended Citation:WILLINGNESS TO ACCEPT, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2025. [Accessed: July 14, 2025].
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FALLACIES Logical errors in an argument or evaluation of a policy. The six common fallacies that surface in economic analysis are: false cause, personal attack, division, composition, false authority, and mass appeal. These fallacies are most troublesome because, although false, they seem correct, especially when used by slick-talking, charismatic people (politicians) or when the fallacies support preconceived notions or fundamental beliefs.
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A lump of pure gold the size of a matchbox can be flattened into a sheet the size of a tennis court!
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"Concentrate all your thoughts upon the work at hand. The sun's rays do not burn until brought to a focus." -- Alexander Graham Bell, inventor
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SDR
Special Drawing Right
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