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ALLOCATION: The process of distributing resources for the production of goods and services, and of distributing goods and services for consumption by households. This process of allocation is essential to an economy's effort to address the problem of scarcity. An allocation is efficient if the resources, goods, and services are distributed according to the economy's highest valued uses.
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VERY SHORT RUN, MICROECONOMICS A production period of time in which at all inputs in the production process are fixed, meaning the quantity of output itself is fixed. Also termed market period, the very short run exists if the period is so short that no additional production is possible. In other words, the good has been produced, all that remains is to sell it. This is one of four production time periods used in the study of microeconomics. The other three are short run, long run, and very long run.
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BEIGE MUNDORTLE
[What's This?]
Today, you are likely to spend a great deal of time at a going out of business sale wanting to buy either an AC adapter for your CD player or storage boxes for your family photos. Be on the lookout for fairy dust that tastes like salt.
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The earliest known use of paper currency was about 1270 in China during the rule of Kubla Khan.
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"The greatest barrier to success is the fear of failure." -- Sven Goran Eriksson, writer
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MSCI
Morgan Stanley Capital Index
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