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INDUSTRY: A collection of firms that produce similar products sold in the same market. The concept of industry is most often used synonymously with market in most microeconomic analysis. That is, the study of perfect competition or oligopoly is not only the study of market structures, but also the study of industrial structure.
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TAX EFFICIENCY Taxes, mandatory payments used to finance government operations, inherently disrupt the allocation of resources. This disruption might be good, correcting an otherwise inefficient allocation caused by pollution or market control. However, for an already efficiency allocation, a tax creates and inefficient wedge between the demand price and the supply price. This tax is generally paid partially by buyers and partially by sellers, which the tax incidence. Inefficiency arises because a tax reduces the total amount of consumer surplus and producer surplus, which is deadweight loss.
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GRAY SKITTERY
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Today, you are likely to spend a great deal of time looking for the new strip mall out on the highway trying to buy either any book written by Isaac Asimov or a how-to book on building remote controlled airplanes. Be on the lookout for poorly written technical manuals.
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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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"Luck is what happens when preparation meets opportunity. " -- Seneca, Roman philosopher
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