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LOSS MINIMIZATION RULE: A rule stating that firm minimizes economic loss by producing output in the short run that equates marginal revenue and marginal cost if price is less than average total cost but greater than average variable cost. In the short run, a firm incurs total fixed cost whether or not it produces any output. As such, if the market price is falls below average total cost, it must decide if the economic loss from producing the quantity of output that equates marginal revenue and marginal cost is more or less than the economic loss incurred with shutting down production in the short run (which is equal to total fixed cost).
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PUBLIC CHOICE The study of collective decisions made by groups of individuals, especially those decisions made by government organizations. As the name suggests, public choice is primarily the study of how choices (decisions) are made by the public (government) sector. Such choices are made, in principle, on behalf of the public or all members of society, to correct market failures or imperfections in the private sector. However, in that the world is imperfect on all fronts, the government sector also comes up short in many cases, with inefficient imperfections due to election seeking politicians, ignorant and abstaining voters, special interest groups, and government bureaucracies.
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BLACK DISMALAPOD
[What's This?]
Today, you are likely to spend a great deal of time flipping through mail order catalogs looking to buy either clothing for your pet dog or an ink cartridge for your printer. Be on the lookout for spoiled cheese hiding under your bed hatching conspiracies against humanity.
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This isn't me! What am I?
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A thousand years before metal coins were developed, clay tablet "checks" were used as money by the Babylonians.
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"It is the mark of an educated mind to be able to entertain a thought without accepting it." -- Aristotle
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BIS
Bank for International Settlements
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