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WIDGET: A fictitious good commonly used by economic instructors to demonstrate economic principles or undertake hypothetical analyses. For example, the analysis of short-run production for a firm might be demonstrated through the production of widgets. Alternatively, the law of demand might be illustrated with a table or curve comparing the price of widgets with the quantity demanded of widgets. If such a good exists, and there is no clear evidence that widgets have every existed, it is a small mechanical device, constructed of interlocking cogs, several knobs, and at least one handle. Widgets are most often used when thingamajigs and dohickies are unavailable.
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GAINS FROM TRADE The combination of consumer surplus and producer surplus obtained by buyers and sellers when engaging in a market exchange. Gains from trade arise because buyers are typically willing and able to pay a higher price to purchase a good than what they end up paying and because sellers are typically willing and able to accept a lower price to sell a good than what they end up receiving. Both sides of the market exchange are thus better off, have a net gain in welfare, by making the trade. While all types of market exchanges generate gains from trade, this topic is perhaps most important for an understanding of international trade.
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BEIGE MUNDORTLE
[What's This?]
Today, you are likely to spend a great deal of time wandering around the shopping mall seeking to buy either a coffee cup commemorating the first day of winter or a video game player. Be on the lookout for celebrities who speak directly to you through your television.
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This isn't me! What am I?
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The 1909 Lincoln penny was the first U.S. coin with the likeness of a U.S. President.
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"In a decisive set, confidence is the difference. " -- Chris Evert, tennis champion
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P&L
Profit and Loss
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