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January 20, 2022 

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EQUALITY STANDARD: One of three basic income distribution standards (the other two are contributive standard and needs standard). The equality standard distributes income equally to every person in society. Everyone--every man, woman, and child--would, in other words, receive exactly the same, per capita income--no more, no less. If, for example, total income earned by 270 million people in the United States is $7 trillion, then every person would receive $25,925.9 each--no more, no less.

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FREE TRADE: The absence of trade barriers, or restrictions on foreign trade. Based on the notion of comparative advantage, unrestricted trade is generally beneficial to a trading country. However, while consumers benefit through a greater selection of products and lower prices, producers in a country are on the receiving end of lower prices and stiffer competition. In that producers tend to have more political clout than consumers, completely, unhindered free trade is seldom seen in the real world. Numerous trade restrictions such as tariffs, nontariff barriers, and quotas are usually the rule of the day (also the rule of the week, year, decade and century).

     See also | foreign trade | trade barriers | comparative advantage | absolute advantage | competition | tariff | nontariff barrier | quota | second estate | exchange |


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AGGREGATE MARKET SHOCKS

Disruptions of the equilibrium in the aggregate market (or AS-AD model) caused by shifts of the aggregate demand, short-run aggregate supply, or long-run aggregate supply curves. Shocks of the aggregate market are associated with, and thus used to analyze, assorted macroeconomic phenomena such as business cycles, unemployment, inflation, stabilization policies, and economic growth. The specific analysis of aggregate market shocks identifies changes in the price level (GDP price deflator) and real production (real GDP). Changes in the price level and real production have direct implications for the unemployment rate, the inflation rate, national income, and a host of other macroeconomic measures.

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APLS

ORANGE REBELOON
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Today, you are likely to spend a great deal of time at the confiscated property police auction looking to buy either a pair of red goulashes with shiny buckles or a handcrafted bird feeder. Be on the lookout for letters from the Internal Revenue Service.
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One of the largest markets for gold in the United States is the manufacturing of class rings.
"Act well at the moment, and you have performed a good action for all eternity."

-- Johann Kaspar Lavater

ICCH
International Commodities Clearing House
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