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DEADWEIGHT LOSS: A net loss in social welfare that results because the benefit generated by an action differs from the foregone opportunity cost. This is usually the combination of lost consumer surplus and lost producer surplus, and indicates of the inefficiency of a situation. Deadweight loss is commonly illustrated by a market diagram if the quantity of output produced results in a demand price that exceeds the supply price. The triangle formed by the demand curve above, supply curve below, and quantity to the left is the area of deadweight loss. If demand price equals supply price, this triangle disappears and so too does the deadweight loss. Deadweight loss can result from government actions (taxes, price controls) or from market failures (externalities, market control)
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FIRST ESTATE Another term for the government or public sector. This is one of four divisions of society based on economic function. The other three are businesses as the second estate, consumers as the third estate, and journalists as the fourth estate.
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WHITE GULLIBON
[What's This?]
Today, you are likely to spend a great deal of time at a garage sale trying to buy either a coffee cup commemorating the 1960 Presidential election or a how-to book on fixing your computer, with illustrations. Be on the lookout for fairy dust that tastes like salt.
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This isn't me! What am I?
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General Electric is the only stock from the original 1896 Dow Jones Industrial Average remaining in the current index.
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"Progress begins with the belief that what is necessary is possible. " -- Norman Cousins, editor, writer
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SEHK
Stock Exchange of Hong Kong
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