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RENT SEEKING: The inclination of everyone who is alive and breathing to get as much as they can for themselves. These stems from the idea of economic rent, which is a payment over above the opportunity cost. People are said to be rent seeking when they try to get higher wages, more profit, or any other payment over above the minimum they would be willing to accept.
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CONSUMPTION RIVALRY Whether or not the consumption of a particular good by one person prevents simultaneous consumption by another person. In other words, does consumption impose an opportunity cost on others. Rival consumption occurs if the consumption by one imposes an opportunity cost on others because others are prevented from consuming the good. Nonrival consumption occurs if the consumption by one does not impose an opportunity cost on others because others are not prevented from consuming the good. When combined with nonpayer excludability, the result is four alternative types of goods -- private, public, common-property, and near-public.
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RED AGGRESSERINE
[What's This?]
Today, you are likely to spend a great deal of time at a garage sale looking to buy either a how-to book on fixing your computer, with illustrations or several magazines on computer software. Be on the lookout for telephone calls from long-lost relatives.
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This isn't me! What am I?
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The average length of a "business lunch" is about 36 minutes.
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"He who hesitates is poor. " -- Mel Brooks, writer, director, comedian
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DJ
Dow Jones
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