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EMPLOYMENT QUOTA: A limit on the quantity of workers hired by a firm or business, typically based on ethnic or demographic criteria. Employment quotas have been used as a means of providing increased opportunities to blacks, hispanics, women, and other groups that have been historically subject to discrimination. Such quotas, however, tend to anger other groups, especially white males, who don't receive favorable treatment. While employment or similar anti-discrimination quota systems might help address historical problems, they are not without cost. In particular, our economy's efficiency is likely to suffer if a less qualified member of an ethnic group is selected over someone who is more qualified.
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FIAT MONEY A medium of exchange (money) with value in exchange, but little or no value in use. Modern paper currency, coins, and checkable deposits are fiat money. The value of fiat money comes from the public's general willingness to accept it in exchange for other goods. This willingness comes from the fact that EVERYONE is willing to accept fiat money in exchange, which largely depends on the public's confidence in the authority (usually government) issuing the fiat money. Fiat money is NOT valuable unto itself, but it is valuable for what it can buy. In the march toward economic complexity, fiat money emerged from commodity money, money with both value in exchange and value in use.
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BEIGE MUNDORTLE
[What's This?]
Today, you are likely to spend a great deal of time flipping through the yellow pages wanting to buy either a how-to book on wine tasting or a bookshelf that will fit in your closet. Be on the lookout for fairy dust that tastes like salt.
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This isn't me! What am I?
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More money is spent on gardening than on any other hobby.
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"There are only two ways to live your life. One is as though nothing is a miracle. The other is as though everything is a miracle." -- Albert Einstein
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S&D
Supply and Demand
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