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IMPLICIT LOGROLLING: A type of voter logrolling in which two separate programs or policies are combined into a single package, which is then subject to a single vote. With implicit logrolling, each voter is "on record" only for the entire package and thus can contend that a vote was cast only for "their" favored program. Implicit logrolling is commonly used by legislators to trade votes without appearing to trade votes. Legislators can come out in support of "their" programs, while simultaneously being against "other" programs, even though they actually voted for the "other" programs by voting for "their" programs, but they didn't really want to vote for the "other" programs and only voted for the "other" programs to ensure passage of "their" programs. An alternative type of logrolling is explicit logrolling.

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Lesson 22: Factor Supply | Unit 5: Taking Stock Page: 24 of 25

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  • Here are a few topics you can look forward to in other lessons.

    • Factor Demand: Factor supply is only one side of the factor market.

    • Factor Market Equilibrium: The balance of factor demand and factor supply in the factor market, like any market, generates equilibrium.

    • Labor Markets: Labor represents the most widely used factor service throughout the economy.


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RENT SEEKING

The inclination of everyone who is alive and breathing to get as much extra income, wealth, profit, or satisfaction as they can. Rent, while technically considered the factor payment for the use of land resources, is also commonly used as a synonym for economic profit, for the acquisition of benefits above opportunity cost. Rent seeking is the entirely rational process of obtain as much "extra" as possible. In effect, rent seeking is nothing more than utility maximization. Efficiency problems can arise, however, when rent seeking is enhanced and enabled through market control, political influence, or actions of special interest groups.

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Today, you are likely to spend a great deal of time watching the shopping channel looking to buy either a birthday greeting card for your aunt or a wall poster commemorating the moon landing. Be on the lookout for high interest rates.
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A scripophilist is one who collects rare stock and bond certificates, usually from extinct companies.
"I much prefer the sharpest criticism of a single intelligent man to the thoughtless approval of the masses."

-- Johannes Kepler, German Astronomer

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