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HOMOGENEOUS PRODUCT: Goods that are either physically identical or at least viewed as identical by buyers. In particular, the producer of a product can not be identified from the product itself. This is a key assumption underlying the perfect competition market structure, and like other assumptions is only approximated in the real world. Agricultural products, metals, and energy goods come as close as any in the real world.
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SOCIALISM In theory, an economy, or economic system, that is a transition between capitalism and communism and is based on: (1) government, rather than individual, ownership of resources, (2) worker control of the government, such that workers, rather than capitalist, control capital and other productive resources, (3) income allocated on need rather than on resource ownership or contribution to production. In practice, socialism is a type of economy based on--(1) government ownership and control of the most crucial resources, like those for energy production, communication, transportation, and health care and (2) a heavy dose of central planning by government.
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ORANGE REBELOON
[What's This?]
Today, you are likely to spend a great deal of time at a garage sale trying to buy either a microwave over that won't burn your popcorn or a T-shirt commemorating the first day of winter. Be on the lookout for high interest rates.
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The first paper notes printed in the United States were in denominations of 1 cent, 5 cents, 25 cents, and 50 cents.
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"Nothing is a waste of time if you use the experience wisely. " -- Auguste Rodin, Sculptor
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USDA
United States Department of Agriculture
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