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FIRST ESTATE: In past centuries, this included the religious leaders and clergy. In modern times, I like to use it in reference to politicians and government leaders who can exert a great deal of control over resources through the coercive powers of government. One historical function of the first estate is to protect the less powerful consumers, taxpayers, and workers of the third estate from the market control typically held by the business leaders of the second estate. It is not uncommon, however, for an unhealthy degree of cooperation between the first and second estates, which often ends up with the enslavement of the third estate (figuratively and literally). At times help is forthcoming from the watchdog journalist of the fourth estate--unless they too have been overtaken by the ruling elite.
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MARGINAL REVENUE CURVE, PERFECT COMPETITION A curve that graphically represents the relation between the marginal revenue received by a perfectly competitive firm for selling its output and the quantity of output sold. Because a perfectly competitive firm is a price taker and faces a horizontal demand curve, its marginal revenue curve is also horizontal and coincides with its average revenue (and demand) curve. A perfectly competitive firm maximizes profit by producing the quantity of output found at the intersection of the marginal revenue curve and marginal cost curve.
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PINK FADFLY
[What's This?]
Today, you are likely to spend a great deal of time surfing the Internet wanting to buy either a replacement remote control for your television or a replacement nozzle for your shower. Be on the lookout for cardboard boxes.
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Post WWI induced hyperinflation in German in the early 1900s raised prices by 726 million times from 1918 to 1923.
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"My future starts when I wake up every morning . . . Every day I find something creative to do with my life. " -- Miles Davis, musician
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NIFO
Next In First Out
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