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WELFARE ECONOMICS: A branch of economics that studies efficiency and the overall well-being of society based on alternative allocations of scarce resources. Welfare economics extends the microeconomic analysis of indifference curves to society as a whole. It is concerned with broad efficiency questions and criteria (Pareto efficiency and Kaldor-Hicks efficiency) as well as more specific efficiency issues (market failures, externalities, public goods).

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LAW OF SUPPLY

The direct relationship between supply price and the quantity supplied, assuming ceteris paribus factors are held constant. This economic principle indicates that an increase in the price of a commodity results in an increase in the quantity of the commodity that sellers are willing and able to sell in a given period of time, if other factors are held constant. The law of supply is an important principle in the study of economics.

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Today, you are likely to spend a great deal of time at a flea market trying to buy either clothing for your pet iguana or a set of hubcaps. Be on the lookout for deranged pelicans.
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Approximately three-fourths of the U.S. paper currency in circular contains traces of cocaine.
"I do the best I know how, the very best I can, and I mean to keep doing so until the end. "

-- Abraham Lincoln, 16th US president

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International Bank for Reconstruction and Development
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