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WELFARE ECONOMICS: A branch of economics that studies efficiency and the overall well-being of society based on alternative allocations of scarce resources. Welfare economics extends the microeconomic analysis of indifference curves to society as a whole. It is concerned with broad efficiency questions and criteria (Pareto efficiency and Kaldor-Hicks efficiency) as well as more specific efficiency issues (market failures, externalities, public goods).
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BUYERS' INCOME, DEMAND DETERMINANT The income that buyers have available to purchase a good, which is assumed constant when a demand curve is constructed. Buyers' income is one of five demand determinants that shift the demand curve when they change. The other four are buyers' preferences, other prices, buyers' expectations, and number of buyers.
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BLUE PLACIDOLA
[What's This?]
Today, you are likely to spend a great deal of time going from convenience store to convenience store wanting to buy either a turbo-powered vacuum cleaner or a battery-powered, rechargeable vacuum cleaner. Be on the lookout for celebrities who speak directly to you through your television.
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Three-forths of the gold mined each year is used to manufacture jewelry.
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"Love looks through a telescope; envy, through a microscope. " -- Josh Billings, humorist
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BLS
Bureau of Labor Statistics
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