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BLACK MARKET: An illegal market in which the price of the goods sold is above a legally set maximum price. A black market invariable results whenever the government imposes a price ceiling on a good. A common example of a price ceiling is rent controls on apartments in many large cities. Although landlords cannot "legally" rent apartments for more than the specified maximum, they often do so "illegally" by charging "finders fees" and "tenant association dues." In so doing, they have entered into the realm of black markets.
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ASSUMPTION An initial condition or statement of a model or theory that sets the stage for an analysis by abstracting from the real world. Assumptions are important to economic analysis. Some assumptions are used to simplify a complex analysis into more easily manageable parts. Other assumptions are used as control conditions that are subsequently changed to evaluate the consequences.
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A scripophilist is one who collects rare stock and bond certificates, usually from extinct companies.
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"A ship ought not to be held by one anchor, nor life by a single hope. " -- Epictetus, philosopher
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NBS
Nash Bargaining Solution
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