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WILLINGNESS TO PAY: The price or dollar amount that someone is willing to give up or pay to acquire a good or service. Willingness to pay is the source of the demand price of a good. However, unlike demand price, in which buyers are on the spot of actually giving up the payment, willingness to pay does not require an actual payment. This concept is important to benefit-cost analysis, welfare economics, and efficiency criteria, especially Kaldor-Hicks efficiency. A related concept is willingness to accept.
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GOOD A physical, tangible item or product used to satisfy wants and needs. A good is produced using society's resources and represents a fundamental aspect of the economy. Limited resources are used to produced the goods that satisfy unlimited wants and needs in an ongoing effort to address the problem of scarcity.
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ORANGE REBELOON
[What's This?]
Today, you are likely to spend a great deal of time browsing about a thrift store hoping to buy either several magazines on fashion design or a package of 3 by 5 index cards, the ones without lines. Be on the lookout for fairy dust that tastes like salt.
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This isn't me! What am I?
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In the early 1900s around 300 automobile companies operated in the United States.
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"It had long since come to my attention that people of accomplishment rarely sat back and let things happen to them. They went out and happened to things. " -- Elinor Smith, aviator
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IBT
Indirect Business Taxes
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