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FIFTH RULE OF IMPERFECTION: The fifth of seven basic rules of the economy. It is the observation that the real world is not perfect. This means markets often fail to achieve efficiency because of several failings. This also means that government seldom enacts the policies needed to correct market failings. We are usually faced with the lesser of evils.
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COMPETITION In general, the actions of two or more rivals in pursuit of the same objective. In an economic context, the specific objective pursued is usually either selling goods to buyers or buying goods from sellers.
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WHITE GULLIBON
[What's This?]
Today, you are likely to spend a great deal of time searching for rummage sales trying to buy either a wall poster commemorating next Thursday or a pair of gray heavy duty boot socks. Be on the lookout for the happiest person in the room.
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Okun's Law posits that the unemployment rate increases by 1% for every 2% gap between real GDP and full-employment real GDP.
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"New ideas pass through three periods: - It can't be done. - It probably can be done, but it's not worth doing. - I knew it was a good idea all along!" -- Arthur C. Clarke
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L/C
Letter of Credit
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