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RATIONING: The distribution or allocation of a limited commodity, usually accomplished based on a standard or criterion. The two primary methods of rationing are markets and governments. Rationing is needed due to the scarcity problem. Because wants and needs are unlimited, but resources are limited, available commodities must be rationed out to competing uses.
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LAW OF SUPPLY The direct relationship between supply price and the quantity supplied, assuming ceteris paribus factors are held constant. This economic principle indicates that an increase in the price of a commodity results in an increase in the quantity of the commodity that sellers are willing and able to sell in a given period of time, if other factors are held constant. The law of supply is an important principle in the study of economics.
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ORANGE REBELOON
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Today, you are likely to spend a great deal of time browsing through a long list of dot com websites wanting to buy either several orange mixing bowls or clothing for your pet dog. Be on the lookout for pencil sharpeners with an attitude.
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In the Middle Ages, pepper was used for bartering, and it was often more valuable and stable in value than gold.
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"The will to win is important, but the will to prepare is vital. " -- Joe Paterno, football coach
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JIE
Journal of Industrial Economics
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