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WILLINGNESS TO PAY: The price or dollar amount that someone is willing to give up or pay to acquire a good or service. Willingness to pay is the source of the demand price of a good. However, unlike demand price, in which buyers are on the spot of actually giving up the payment, willingness to pay does not require an actual payment. This concept is important to benefit-cost analysis, welfare economics, and efficiency criteria, especially Kaldor-Hicks efficiency. A related concept is willingness to accept.
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COST An alternative term for economic or opportunity cost, which is the highest valued alternative foregone in the pursuit of an activity. Opportunity cost is one of the most fundamental concepts used in the study of economics, hence when the term cost is used in the study of economics without modification, it usually means economic or opportunity cost.
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PURPLE SMARPHIN
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Today, you are likely to spend a great deal of time at a garage sale seeking to buy either a flower arrangement for that special day for your mother or a New York Yankees baseball cap. Be on the lookout for gnomes hiding in cypress trees.
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The earliest known use of paper currency was about 1270 in China during the rule of Kubla Khan.
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"Nearly all men can stand adversity; but if you want to test a manžs character, give him power. " -- Abraham Lincoln, 16th U.S. President
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