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ALLOCATION: The process of distributing resources for the production of goods and services, and of distributing goods and services for consumption by households. This process of allocation is essential to an economy's effort to address the problem of scarcity. An allocation is efficient if the resources, goods, and services are distributed according to the economy's highest valued uses.
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RISK PREMIUM The difference between a guaranteed or certain income and a risky income that generate the same level of utility. Risk premium is the amount of income that a risk adverse person is willing to pay to avoid the risk. Alternatively, it is the amount of income that a risk loving person is willing to pay to engage in risk. For risk aversion, the risk premium is the amount a person would pay for insurance.
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YELLOW CHIPPEROON
[What's This?]
Today, you are likely to spend a great deal of time driving to a factory outlet looking to buy either a 200-foot blue garden hose or a video camera with stop action features. Be on the lookout for mail order catalogs with hidden messages.
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This isn't me! What am I?
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North Carolina supplied all the domestic gold coined for currency by the U.S. Mint in Philadelphia until 1828.
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"Most people never run far enough on their first wind to find out they've got a second. Give your dreams all you've got and you'll be amazed at the energy that comes out of you." -- William James, Psychologist
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BVAR
Bayesian VAR (Vector Autoregression)
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