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MARKET FAILURE: A condition in which a market does not efficiently allocate resources to achieve the greatest possible consumer satisfaction. The four main market failures are--(1) public good, (2) market control, (3) externality, and (4) imperfect information. In each case, a market acting without any government imposed direction, does not direct an efficient amount of our resources into the production, distribution, or consumption of the good.
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GOLDSMITH BANKING An analysis of banking functions based on the semi-realistic activities of the goldsmith profession of Medieval Europe. Because the gold used a production inputs by goldsmiths was also used as money, they developed many modern banking functions, including maintaining deposits, making loans, keeping reserves, and creating money. While the story of goldsmith banking is often embellished for instructional purposes, it does contain the essence of how goldsmiths operated as banks.
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PINK FADFLY
[What's This?]
Today, you are likely to spend a great deal of time flipping through the yellow pages seeking to buy either one of those "hang in there" kitty cat posters or a velvet painting of Elvis Presley. Be on the lookout for neighborhood pets, especially belligerent parrots.
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The word "fiscal" is derived from a Latin word meaning "moneybag."
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"Laughter is the shortest distance between two people. " -- Victor Borge, musician, humorist
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MPP
Marginal Physical Product
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