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EXCESS SUPPLY: A disequilibrium condition in a competitive market in which the quantity supplied is greater than the quantity demanded, hence there's "extra" supply. Pointy-headed economists generally use the more technical term surplus rather than excess supply. The reason, of course, is that surplus has two syllables and excess supply has four. The time saved in pronouncing two syllables rather than four is a definite efficiency plus for the entire economy.
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ECONOMIC COST An alternative term for opportunity cost, which is the highest valued alternative foregone in the pursuit of an activity. Opportunity cost, or economic cost, is one of the most fundamental concepts used in the study of economics, hence the reason it is also termed economic cost. Economic, or opportunity cost is also commonly termed just cost.
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BLACK DISMALAPOD
[What's This?]
Today, you are likely to spend a great deal of time at a flea market trying to buy either a pair of red goulashes with shiny buckles or a handcrafted bird feeder. Be on the lookout for spoiled cheese hiding under your bed hatching conspiracies against humanity.
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The Dow Jones family of stock market price indexes began with a simple average of 11 stock prices in 1884.
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"You can't build a reputation on what you are going to do." -- Henry Ford, automaker
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MPC
Marginal Propensity to Consume
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