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INDIRECT: The mathematical notion that two variables change in the opposite directions, that is, an increase in X goes with a decrease in Y, or a decrease in X goes with an increase in Y. The alternative to an indirect relation is a direct relation, in which an increase in one variable goes with an increase in the other. Indirect relations are graphically illustrated by negatively-sloped curves, a common example being the demand curve.
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PRICE DISCRIMINATION The act of selling the same good to different buyers for different prices that are not justified by different production costs. This is practiced by suppliers who have achieved some degree of market control, especially monopoly. Common examples of price discrimination are electricity rates, long-distance telephone charges, movie ticket prices, airplane ticket prices, and assorted child or senior citizen discounts. Price discrimination takes the form of one of three degrees: (1) first degree, in which each price is the maximum price that buyers are willing and able to pay, (2) second degree, in which price is based on the quantity sold, and (3) third degree, in which prices are based on an easily identifiable characteristic of the buyer.
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GREEN LOGIGUIN
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Today, you are likely to spend a great deal of time going from convenience store to convenience store looking to buy either a birthday greeting card for your grandmother or a coffee cup commemorating yesterday. Be on the lookout for jovial bank tellers.
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There were no banks in colonial America before the U.S. Revolutionary War. Anyone seeking a loan did so from another individual.
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"It is not because things are difficult that we do not dare; it is because we do not dare that they are difficult. " -- Seneca, statesman, dramatist, philosopher
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JIE
Journal of Industrial Economics
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