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REAL PURCHASING POWER: The ability to acquire wants-and-needs satisfying goods and services with income or money. The real purchasing power of income or money depends on the prices of the goods and services. If the price level, for example, doubles, then a given amount of money can purchase half as many goods and services.
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SHUTDOWN RULE A rule stating that a firm minimizes economic loss by producing no output in the short run if price is less than average variable cost. This is one of three short-run production alternatives facing a firm. The other two are profit maximization (if price exceeds average total cost) and loss minimization (if price is less than average total cost but greater than average variable cost).
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BROWN PRAGMATOX
[What's This?]
Today, you are likely to spend a great deal of time looking for a downtown retail store seeking to buy either rechargeable batteries or a rechargeable battery for your computer. Be on the lookout for fairy dust that tastes like salt.
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During the American Revolution, the price of corn rose 10,000 percent, the price of wheat 14,000 percent, the price of flour 15,000 percent, and the price of beef 33,000 percent.
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"Be civil to all; sociable to many; familiar with few; friend to one; enemy to none. " -- Benjamin Franklin, statesman
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FTC
Federal Trade Commission
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