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VOTING PARADOX: The observation that voting by a relatively small group of people might generate a intransitive or inconsistent ranking of three or more alternatives, creating a paradox of rankings. The preferences of rational individuals are generally assumed to transitive and consistent, that is, if a person prefers A to B and B to C, then the person also prefers A to C. However, the preferences of group of voters might not be consistent. That is, as a group, voters might prefer A to B and B to C, but then prefer C to A. This is not only paradoxical and confusing, it also can be inefficient.
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MIXED ECONOMY An economy, or economic system, that relies on both markets and governments to allocate resources. Every economy in the real world regardless of their common designation (such as capitalism, socialism, or communism) make use of both markets and governments and is technically a mixed economy.
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BLUE PLACIDOLA
[What's This?]
Today, you are likely to spend a great deal of time at a garage sale hoping to buy either a birthday greeting card for your aunt or a wall poster commemorating the moon landing. Be on the lookout for defective microphones.
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The wealthy industrialist, Andrew Carnegie, was once removed from a London tram because he lacked the money needed for the fare.
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"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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VIR
Variable Interest Rate
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