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BROKER: Anyone who is paid to bring together buyers and sellers to complete a market transaction. Common examples of brokers are real estate agents, stock brokers, and insurance agents. The thing to note about brokers is that they don't buy or sell anything, but merely bring buyers and sellers together. This little function is different from that of a dealer. A dealer is one who is always ready to help a transaction by selling to those who are buying or buying from those who are selling. As such, while stock brokers are in fact brokers, matching up buyers and sellers, many are also dealers, ready to buy or sell if no one else does.
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PERFECT COMPETITION, SHUTDOWN A perfectly competitive firm is presumed to shutdown production and produce no output in the short run, if price is less than average variable cost. This is one of three short-run production alternatives facing a firm. The other two are profit maximization (if price exceeds average total cost) and loss minimization (if price is greater than average variable cost but less than average total cost).
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RED AGGRESSERINE
[What's This?]
Today, you are likely to spend a great deal of time visiting every yard sale in a 30-mile radius looking to buy either a coffee cup commemorating the moon landing or a how-to book on surfing the Internet. Be on the lookout for small children selling products door-to-door.
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This isn't me! What am I?
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In the Middle Ages, pepper was used for bartering, and it was often more valuable and stable in value than gold.
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"Most people never run far enough on their first wind to find out they've got a second. Give your dreams all you've got and you'll be amazed at the energy that comes out of you." -- William James, Psychologist
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SIC
Standard Industrial Classification
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