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INEFFICIENCY: When the economy is NOT obtaining the highest level of consumer satisfaction from the available resources. Inefficiency occurs if it is possible to reallocate resources in a way that would generate greater satisfaction.
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PRODUCER SURPLUS The revenue that producers obtain from a good over and above the price paid. This is the difference between the minimum supply price that sellers are willing to accept and the price that they actually receive. A related notion from the demand side of the market is consumer surplus.
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GRAY SKITTERY
[What's This?]
Today, you are likely to spend a great deal of time searching for a specialty store trying to buy either a T-shirt commemorating the 2000 Presidential election or a really, really exciting, action-filled video game. Be on the lookout for pencil sharpeners with an attitude.
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This isn't me! What am I?
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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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"The moment you let avoiding failure become your motivator, you're down the path of inactivity. " -- Roberto Goizueta, Coca-Cola CEO
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LWOP
Leave Without Pay
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