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BANKRUPTCY: A legal declaration that the liabilities of a proprietor (individual), partnership, or corporation are greater than assets. In other words, a consumer or business that is unable to pay the bills can go to court and be formally declared bankrupt. The impetus for entering a court can come voluntarily from the deadbeat who has acquired more liabilities than assets, or involuntarily from the creditors who have been unable to collect from the deadbeat.

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PUBLIC SECTOR: A fancy-schmancy term for government, which for the United States includes all three levels--federal, state, and local. The term public sector is most useful as a contrast to the term private sector, which includes households and businesses.

     See also | government | government sector | private sector | household sector | business sector | three questions of allocation | ownership and control | liberal | conservative | government functions | market failure | fifth rule of imperfection | public choice | normative economics | economic policies | business cycle | public choice |


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DISECONOMIES OF SCALE

Increasing long-run average cost that occurs as a firm increases all inputs and expands its scale of production. Diseconomies of scale result from decreasing returns to scale and are graphically illustrated by a positively-sloped long-run average cost curve. Diseconomies of scale usually occur for relatively large levels of production and overwhelm economies of scale that occurs at relatively small production levels. Together, economies of scale and diseconomies of scale create a U-shaped long-run average cost curve.

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BEIGE MUNDORTLE
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Today, you are likely to spend a great deal of time lost in your local discount super center hoping to buy either clothing for your kitty cats or a set of luggage without wheels. Be on the lookout for slow moving vehicles with darkened windows.
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Ragnar Frisch and Jan Tinbergen were the 1st Nobel Prize winners in Economics in 1969.
"Do what you feel in your heart to be right for you'll be criticized anyway. You'll be damned if you do and damned if you don't. "

-- Eleanor Roosevelt, first lady

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