Google
Friday 
November 24, 2017 

AmosWEB means Economics with a Touch of Whimsy!

AmosWEBWEB*pediaGLOSS*aramaECON*worldCLASS*portalQUIZ*tasticPED GuideXtra CrediteTutorA*PLS
WHOLESALE PRICE INDEX: An index of the prices paid by retail stores for the products they would ultimately resell to consumers. The Wholesale Price Index, abbreviated WPI, was the forerunner of the modern Producer Price Index (PPI). The WPI was first published in 1902, and was one of the more important economic indicators available to policy makers until it was replaced by the PPI in 1978. The change to Producer Price Index in 1978 reflected, as much as a name change, a change in focus of this index away from the limited wholesaler-to-retailer transaction to encompass all stages of production. While the WPI is no longer available, the family of producer price indexes provides a close counterpart in the Finished Goods Price Index.

Visit the GLOSS*arama


PRIVATE PROPERTY:

An economic institution in which goods, resources, commodities, or other assets (property) are owned and controlled by households and businesses (the private sector) rather than government (the public sector). Private property is a key institution, along with individual freedom and competitive markets, that helps to form the structure of capitalism.
Private property creates critical incentives for the efficient operation of competitive markets used in a market-oriented economy. Under private-property ownership, control over resources is relinquished (that is sold) when owners are compensated for their opportunity cost. Owners have the incentive to sell their assets to the highest bidder, which means resources are being directed to the highest valued uses. This is just the sort of thing that leads to an efficient use of resources.

The alternative to private property is collective ownership of property, also termed common-property goods. This can take the form of direct government ownership, such as public parks or municipal office buildings, in which a specific government entity also has control of the property. Or it can take the form of shared public ownership, such as the oceans or atmosphere, in which every member of society in principle shares ownership, but no one in particular has actual control of the property.

<= PRIVATE GOODSPRIVATE SECTOR =>


Recommended Citation:

PRIVATE PROPERTY, AmosWEB Encyclonomic WEB*pedia, http://www.AmosWEB.com, AmosWEB LLC, 2000-2017. [Accessed: November 24, 2017].


Check Out These Related Terms...

     | property rights | ownership and control |


Or For A Little Background...

     | private sector | public sector | incentive | efficiency | institution |


And For Further Study...

     | government functions | three questions of allocation | free enterprise | capitalism | laissez faire | opportunity cost |


Search Again?

Back to the WEB*pedia


APLS

GRAY SKITTERY
[What's This?]

Today, you are likely to spend a great deal of time surfing the Internet trying to buy either a rechargeable flashlight or storage boxes for your computer software CDs. Be on the lookout for pencil sharpeners with an attitude.
Your Complete Scope

This isn't me! What am I?

Rosemary, long associated with remembrance, was worn as wreaths by students in ancient Greece during exams.
"You are younger today than you will ever be again. Make use of it for the sake of tomorrow. "

-- Norman Cousins, editor

CBI
Confederation of British Industry
A PEDestrian's Guide
Xtra Credit
Tell us what you think about AmosWEB. Like what you see? Have suggestions for improvements? Let us know. Click the User Feedback link.

User Feedback



| AmosWEB | WEB*pedia | GLOSS*arama | ECON*world | CLASS*portal | QUIZ*tastic | PED Guide | Xtra Credit | eTutor | A*PLS |
| About Us | Terms of Use | Privacy Statement |

Thanks for visiting AmosWEB
Copyright ©2000-2017 AmosWEB*LLC
Send comments or questions to: WebMaster