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MACROECONOMY: The aggregate, or national economy that is the prime focus of the study of macroeconomics.
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DEADWEIGHT LOSS The decrease in the sum of consumer surplus and producer surplus that results from the imposition of a tax. When a tax drives a wedge between demand price and supply price it disrupts what otherwise would be an efficient market equilibrium. Inefficiency arises because while a portion of the sum of consumer and producer surplus is merely transferred to government, a portion of this sum also disappears. The part that disappears is the deadweight loss and is an indicator of the inefficiency of the tax.
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A lump of pure gold the size of a matchbox can be flattened into a sheet the size of a tennis court!
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"Progress always involves risk. You can't steal second base and keep your foot on first. " -- Frederick B. Wilcox
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ICSID
International Center for the Settlement of Investment Disputes
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