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ALLOCATIVE EFFICIENCY: Obtaining the most consumer satisfaction from available resources. Allocative efficiency means that our economy is doing the best job possible of satisfying unlimited wants and needs with limited resources -- that is, of addressing the problem of scarcity.
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DEMAND CURVE A graphical representation of the relation between the demand price and quantity demanded, holding all ceteris paribus demand determinants constant. A demand curve graphically illustrates the law of demand, the inverse relation between demand price and quantity demanded for a particular good. It is one half of the standard market model; a supply curve is the other half.
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BLACK DISMALAPOD
[What's This?]
Today, you are likely to spend a great deal of time looking for a downtown retail store seeking to buy either a bottle of blackcherry flavored spring water or a travel case for you toothbrush. Be on the lookout for gnomes hiding in cypress trees.
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This isn't me! What am I?
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The wealthy industrialist, Andrew Carnegie, was once removed from a London tram because he lacked the money needed for the fare.
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"Few things help an individual more than to place responsibility upon them and to let them know that you trust them." -- Booker T. Washington
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GNP
Gross National Product
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