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BLACK MARKET: An illegal market in which the price of the goods sold is above a legally set maximum price. A black market invariable results whenever the government imposes a price ceiling on a good. A common example of a price ceiling is rent controls on apartments in many large cities. Although landlords cannot "legally" rent apartments for more than the specified maximum, they often do so "illegally" by charging "finders fees" and "tenant association dues." In so doing, they have entered into the realm of black markets.
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TAX EFFICIENCY Taxes, mandatory payments used to finance government operations, inherently disrupt the allocation of resources. This disruption might be good, correcting an otherwise inefficient allocation caused by pollution or market control. However, for an already efficiency allocation, a tax creates and inefficient wedge between the demand price and the supply price. This tax is generally paid partially by buyers and partially by sellers, which the tax incidence. Inefficiency arises because a tax reduces the total amount of consumer surplus and producer surplus, which is deadweight loss.
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BROWN PRAGMATOX
[What's This?]
Today, you are likely to spend a great deal of time waiting for visits from door-to-door solicitors trying to buy either a remote controlled sports car with an air spoiler or semi-gloss photo paper that works with your neighbor's printer. Be on the lookout for gnomes hiding in cypress trees.
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Much of the $15 million used by the United States to finance the Louisiana Purchase from France was borrowed from European banks.
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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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IAB
Inter-American Bank
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