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BLACK MARKET: An illegal market in which the price of the goods sold is above a legally set maximum price. A black market invariable results whenever the government imposes a price ceiling on a good. A common example of a price ceiling is rent controls on apartments in many large cities. Although landlords cannot "legally" rent apartments for more than the specified maximum, they often do so "illegally" by charging "finders fees" and "tenant association dues." In so doing, they have entered into the realm of black markets.
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TOTAL PHYSICAL PRODUCT The total quantity of output produced by a firm for a given quantity of inputs. Total physical product is actually nothing more than total product. The insertion of the word "physical" merely keeps the phrase consistent with average physical product and marginal physical product, two terms useful in marginal-productivity theory and the analysis of factor demand.
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PURPLE SMARPHIN
[What's This?]
Today, you are likely to spend a great deal of time wandering around the shopping mall hoping to buy either a T-shirt commemorating Thor Heyerdahl's Pacific crossing aboard the Kon-Tiki or a wall poster commemorating the 2000 Olympics. Be on the lookout for telephone calls from former employers.
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Junk bonds are so called because they have a better than 50% chance of default, carrying a Standard & Poor's rating of CC or lower.
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"Intense concentration hour after hour can bring out resources in people they didn't know they had. " -- Edwin Land, inventor, entrepreneur
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SAIF
Savings Association Insurance Fund
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