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PRICE CEILING: A legally established maximum price. The government is occasionally inclined to keep the price of one good or another from rising too high. Examples include apartments, gasoline, and natural gas. While the goal is invariably a noble one--like keeping stuff affordable for poor people--a price ceiling often does more harm than good. First, it usually creates a shortage, meaning that many of the buyers who being protected against high prices, can't even buy the good. Second, as a consequence of this shortage, a price ceiling is likely to generate a black market where the good is sold illegally above the price ceiling.
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AVERAGE PRODUCT AND MARGINAL PRODUCT A mathematical connection between average product and marginal product stating that the change in the average product depends on a comparison between the average product and marginal product. If marginal product is less than average product, then average product declines. If marginal product is greater than average product, then average product rises. If marginal product is equal to average product, then average product does not change.
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GREEN LOGIGUIN
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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 greeting card for your father or a T-shirt commemorating the first day of spring. Be on the lookout for slightly overweight pizza delivery guys.
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Much of the $15 million used by the United States to finance the Louisiana Purchase from France was borrowed from European banks.
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"We tend to forget that happiness doesn't come as a result of getting something we don't have, but rather of recognizing and appreciating what we do have." -- Fredrick Koeing
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BEA
Bureau of Economic Analisys
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