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ANTITRUST LAWS: A series of laws passed by the U. S. government that tries to maintain competition and prevent businesses from getting a monopoly or otherwise obtaining and exerting market control. The first of these, the Sherman Antitrust Act, was passed in 1890. Two others, the Clayton Act and the Federal Trade Commission Act, were enacted in 1914. These laws impose all sorts of restrictions on business ownership, control, mergers, pricing, and how businesses go about competing (or cooperating) with each other.
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PRIVATE GOODS Goods characterized by rival consumption and the ability to exclude nonpayers. Private goods are one of four types of goods differentiated by consumption rivalry and nonpayer excludability. The other three goods are public (nonrival consumption and nonpayers cannot be excluded), common-property (rival consumption and nonpayers cannot be excluded), and near-public (nonrival consumption and nonpayers can be excluded). Rival consumption and the ease of excluding of nonpayers means private goods can be efficiently exchanged through markets.
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BLACK DISMALAPOD
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Today, you are likely to spend a great deal of time looking for the new strip mall out on the highway looking to buy either a birthday gift for your grandmother or a T-shirt commemorating yesterday. Be on the lookout for florescent light bulbs that hum folk songs from the sixties.
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Mark Twain said "I wonder how much it would take to buy soap buble if there was only one in the world."
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"Believe one who has tried it. " -- Virgil, Roman poet
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