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BROKER: Anyone who is paid to bring together buyers and sellers to complete a market transaction. Common examples of brokers are real estate agents, stock brokers, and insurance agents. The thing to note about brokers is that they don't buy or sell anything, but merely bring buyers and sellers together. This little function is different from that of a dealer. A dealer is one who is always ready to help a transaction by selling to those who are buying or buying from those who are selling. As such, while stock brokers are in fact brokers, matching up buyers and sellers, many are also dealers, ready to buy or sell if no one else does.
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LONG RUN, MICROECONOMICS In terms of the microeconomic analysis of production and supply, a period of time in which all inputs under the control of a firm used in the production process are variable. In the long run, labor and capital are variable inputs. The long-run analysis of production reveals the key role played by returns to scale. This is one of four production time periods used in the study of microeconomics. The other three are short run, very long run, and very short run (or market period). The long run is also a time period designation used in the macroeconomic analysis of economic growth and full employment.
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YELLOW CHIPPEROON
[What's This?]
Today, you are likely to spend a great deal of time flipping through the yellow pages trying to buy either a 200-foot blue garden hose or a video camera with stop action features. Be on the lookout for rusty deck screws.
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It's estimated that the U.S. economy has about $20 million of counterfeit currency in circulation, less than 0.001 perecent of the total legal currency.
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"If things are not going well with you, begin your effort at correcting the situation by carefully examining the service you are rendering, and especially the spirit in which you are rendering it." -- Roger Babson, statistician and columnist
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SIC
Standard Industrial Classification
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