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FACTOR MARKET, EFFICIENCY: A factor market achieves efficiency in the allocation of resources by equating marginal revenue product to factor price. Perfect competition, as the efficiency benchmark, is the only market structure to satisfy this criterion and achieve factor market efficiency. Monopsony, oligopsony, and monopsonistic competition are inefficient because they equate marginal revenue product to marginal factor cost, both of which are greater than factor price.
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EASY MONEY A general condition of the economy in which money is relatively abundant and plentiful. In modern times, this condition arises when the monetary authority (Federal Reserve System) undertakes expansionary monetary policy. With easy money, interest rates are generally lower, but inflation tends to creep higher. The alternative to easy money is tight money.
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GREEN LOGIGUIN
[What's This?]
Today, you are likely to spend a great deal of time at a going out of business sale trying to buy either a brown leather attache case or car battery jumper cables. Be on the lookout for poorly written technical manuals.
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A thousand years before metal coins were developed, clay tablet "checks" were used as money by the Babylonians.
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"In a time of drastic change, it is the learners who inherit the future. " -- Eric Hoffer, philosopher
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IMF
International Monetary Found
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