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QUASI-PUBLIC CORPORATION: A business activity that is privately controlled, but authorized by government legislation. The Federal National Mortgage Association is one example. Quasi-public corporations are set up when governments expand their activities and/or divest themselves of current government functions. Quasi-public corporations often result because governments seek to promote a particular activity, such as student loans, low cost home mortgages, or lotteries, but do not want the administrative burden.
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SCARCE: The general condition indicating that a good or resource is limited relative to the what people want. In terms of ALL resources and goods throughout society, the related term scarcity is used. Being scarce is what makes it possible to exchange goods and resources through markets, and most importantly, charge a price. If a good is not scarce, which means that the economy has more than enough to satisfy all available uses, then there is no way to sell it. Who would buy such an item, pay a price for it, give up something of value in exchange for it, when it is so abundant? Likewise, if a item is so abundant, using it to satisfy one use does not impose an opportunity cost on other uses. See also | scarcity | goods | services | resources | market | exchange | price | opportunity cost | shortage | equilibrium price | quantity demanded | quantity supplied | surplus | economic good | scarce good | scarce resource | free good | free resource |
Recommended Citation:SCARCE, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2023. [Accessed: September 30, 2023].
AmosWEB Encyclonomic WEB*pedia:Additional information on this term can be found at: WEB*pedia: scarce
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AVERAGE FIXED COST CURVE A curve that graphically represents the relation between average fixed cost incurred by a firm in the short-run product of a good or service and the quantity produced. This curve is constructed to capture the relation between average fixed cost and the level of output, holding other variables, like technology and resource prices, constant. The average fixed cost curve is one of three average curves. The other two are average total cost curve and average variable cost curve. A related curve is the marginal cost curve.
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BEIGE MUNDORTLE
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Today, you are likely to spend a great deal of time at a going out of business sale looking to buy either a wall poster commemorating the 2000 Presidential election or a rechargeable flashlight. Be on the lookout for vindictive digital clocks with revenge on their minds.
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Two and a half gallons of oil are needed to produce one automobile tire.
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"I believe that every right implies a responsibility, every opportunity, an obligation, every possession, a duty. " -- John D. Rockefeller, industrialist
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D-J
Dow Jones
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