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WILLINGNESS TO PAY: The price or dollar amount that someone is willing to give up or pay to acquire a good or service. Willingness to pay is the source of the demand price of a good. However, unlike demand price, in which buyers are on the spot of actually giving up the payment, willingness to pay does not require an actual payment. This concept is important to benefit-cost analysis, welfare economics, and efficiency criteria, especially Kaldor-Hicks efficiency. A related concept is willingness to accept.
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OUTPUT GAPS Recessionary and inflationary gaps created by differences between equilibrium real production achieved by the short-run aggregate market and full-employment real production. A recessionary gap occurs if short-run equilibrium real production is less than full-employment real production. An inflationary gap results if short-run real equilibrium production is greater than full-employment real production.
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BEIGE MUNDORTLE
[What's This?]
Today, you are likely to spend a great deal of time at a garage sale seeking to buy either a weathervane with a horse on top or a case of blank recordable DVDs. Be on the lookout for mail order catalogs with hidden messages.
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Before 1933, the U.S. dime was legal as payment only in transactions of $10 or less.
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"No great performance ever came from holding back. " -- Don Greene, motivational coach, former Green Beret
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CPI
Consumer Price Index
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