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BUREAUCRACY: A system or rules and procedures designed to operate a complex organization. While most people look to government when the term bureaucracy arises (and make no mistake, government is not shy when it comes to complex bureaucracies), bureaucracies exist in all types of organizations -- private, public, government, business, charities, corporations, even households. The problem economists have with bureaucracies is that rigid, administrative rules often drive a wedge between action and responsibility. The clerk at the welfare counter is only following rules established by Congress. The clerk has no authority to change the rules, and Congress seldom if ever sees the consequences of their rules.
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SHORT-RUN PRODUCTION ALTERNATIVES A firm faces three production options in the short run based on a comparison between price, average total cost, and average variable cost. If price is greater than average total cost, a firm earns an economic profit by producing the quantity that equates marginal revenue with marginal cost. If price is less than average total cost but greater than average variable cost, a firm incurs an economic loss, but produces the quantity that equates marginal revenue with marginal cost. If price is less than average variable cost, a firm shuts down production in the short run, incurring an economic loss equal to total fixed cost.
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BLACK DISMALAPOD
[What's This?]
Today, you are likely to spend a great deal of time searching for a specialty store looking to buy either a really, really exciting, action-filled video game or a coffee cup commemorating the moon landing. Be on the lookout for florescent light bulbs that hum folk songs from the sixties.
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A half gallon milk jug holds about $50 in pennies.
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"Nothing great has ever been achieved except by those who dared believe that something inside them was superior to circumstances. " -- Bruce Barton, Advertising executive
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SEHK
Stock Exchange of Hong Kong
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