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VOLUNTARY EXCHANGE: The process of willingly trading one item for another. The emphasis here is on "willingly." Voluntary exchanges are the heart and soul of market transactions, and should be contrasted with the "involuntary" exchanges mandated by government taxes, laws, and regulations. While involuntary government-forced exchanges play an important role in a mixed economy, economists really, really like voluntary market exchanges because they promote economic efficiency.
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CONSUMER EQUILIBRIUM The condition that exists when the last dollar spent on one good provides the same marginal utility as the last dollar spent on every other good. In consumer equilibrium, income is allocated between the purchase of different goods in such a way that the level of utility cannot be increased, that is, utility maximization has been achieved.
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BEIGE MUNDORTLE
[What's This?]
Today, you are likely to spend a great deal of time searching for rummage sales seeking to buy either an instructional DVD on learning to the play the oboe or a small, foam rubber football. Be on the lookout for celebrities who speak directly to you through your television.
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The Dow Jones family of stock market price indexes began with a simple average of 11 stock prices in 1884.
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"The road to success is always under construction. " -- Lily Tomlin, Actress
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AEA
American Economic Association
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