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PRICE CONTROLS: Government intervention in markets in which legal restrictions are placed on the prices charged. The two basic types of price controls are price ceilings and price floors. Price ceilings are maximum prices set below the equilibrium price. Price floors are minimum prices set above the equilibrium price. Price controls imposed on an otherwise efficient and competitive market create imbalances (shortages or surpluses) which cause inefficiency. However, imposing price controls on a market that fails to achieve efficiency (due to market control, externalities, or imperfect information) can actual improve efficiency. Price controls have also be used economy-wide in an attempt to reduce inflation.
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COMPARATIVE STATICS The technique of comparing the equilibrium resulting from a change in a determinant, or shock to a model, with the equilibrium that existed prior to the change. Comparative statics is the primary analytical technique used in the study of economics.
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BLACK DISMALAPOD
[What's This?]
Today, you are likely to spend a great deal of time browsing through a long list of dot com websites seeking to buy either a flower arrangement with daisies and carnations for your uncle or a coffee cup commemorating next Thursday. Be on the lookout for gnomes hiding in cypress trees.
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One of the largest markets for gold in the United States is the manufacturing of class rings.
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"Defeat is not the worst of failures. Not to have tried is the true failure." -- George E. Woodberry, Author
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PRO RATA
According to the Rate (Latin)
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