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TRADE BARRIER: A restriction, invariably by government, that prevents free trade among countries. The more popular trade restrictions are tariffs, import quotas, and assorted nontariff barriers. An occasional embargo will be even thrown into this mix. The primary use of trade barriers is to restrict imports from entering in country. By restring imports, domestic producers of the restricted goods are protected from competition and are even subsidized through higher prices. Consumers, though, get the short end of this stick with higher prices and a limited choice of goods. In that producers tend to have more political clout than consumers, it's pretty obvious why trade barriers are a "natural" state of affairs.
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TAX WEDGE The difference between demand price and supply price that is created when a tax is imposed on a market. Placing a tax on a market disrupts what otherwise would be an equilibrium equality between demand price and supply price. A tax wedge results because the tax is included in the demand price paid by buyers but not in the supply price received by sellers. With standard demand (negative slope) and supply (positive slope) curves, the incidence of the tax (who pays) is divided between buyers and sellers.
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ORANGE REBELOON
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Today, you are likely to spend a great deal of time visiting every yard sale in a 30-mile radius wanting to buy either an AC adapter that won't fry your computer or a case for your designer sunglasses. Be on the lookout for crowded shopping malls.
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Mark Twain said "I wonder how much it would take to buy soap buble if there was only one in the world."
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"You have to find something that you love enough to be able to take risks, jump over the hurdles and break through the brick walls that are always going to be placed in front of you. If you don't have that kind of feeling for what it is you're doing, you'll stop at the first giant hurdle. " -- George Lucas
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