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DEADWEIGHT LOSS: A net loss in social welfare that results because the benefit generated by an action differs from the foregone opportunity cost. This is usually the combination of lost consumer surplus and lost producer surplus, and indicates of the inefficiency of a situation. Deadweight loss is commonly illustrated by a market diagram if the quantity of output produced results in a demand price that exceeds the supply price. The triangle formed by the demand curve above, supply curve below, and quantity to the left is the area of deadweight loss. If demand price equals supply price, this triangle disappears and so too does the deadweight loss. Deadweight loss can result from government actions (taxes, price controls) or from market failures (externalities, market control)
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PEAK The transition of a business-cycle expansion to a business-cycle contraction. The end of an expansion carries this descriptive term of peak, or the highest level of economic reached in recent times. A peak is one of two turning points. The other, the transition from contraction to expansion, is a trough. Turning points are important because they represent the transition from bad to good or good to bad.
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BLUE PLACIDOLA
[What's This?]
Today, you are likely to spend a great deal of time strolling through a department store hoping to buy either a set of tires or a birthday gift for your grandfather. Be on the lookout for vindictive digital clocks with revenge on their minds.
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In the Middle Ages, pepper was used for bartering, and it was often more valuable and stable in value than gold.
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"When your values are clear to you, making decisions becomes easier. " -- Roy Disney, executive
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PSID
Panel Study of Income Dynamics
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