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FIFTH RULE OF IMPERFECTION: The fifth of seven basic rules of the economy. It is the observation that the real world is not perfect. This means markets often fail to achieve efficiency because of several failings. This also means that government seldom enacts the policies needed to correct market failings. We are usually faced with the lesser of evils.
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SCARCE GOOD A tangible item produced with society's limited resources for the purpose of satisfying wants and needs. As a general notion, the phrase scarce good can also commonly include intangible services produced with society's limited resources for the purpose of satisfying wants and needs. A synonymous term for scarce good is economic good.
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GREEN LOGIGUIN
[What's This?]
Today, you are likely to spend a great deal of time looking for a downtown retail store looking to buy either a box of multi-colored, plastic paper clips or several orange mixing bowls. Be on the lookout for attractive cable television service repair people.
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In the late 1800s and early 1900s, almost 2 million children were employed as factory workers.
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"If you wouldn't write it and sign it, don't say it." -- Earl Wilson, Columnist
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NAIRU
Non-Accelerating Inflation Rate of Unemployment
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