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CAVEAT EMPTOR: A handy little latin term meaning to "let the buyer beware." It's a warning to buyers that sellers will try to extract a high price for low-quality stuff, and a heed that every hardworking consumer of the third estate should take. If you find you've been "taken", note that government has established consumer protection guidelines that businesses are legally compelled to follow. As such, you can seek action through the Federal Trade Commission, Consumer Product Safety Commission, your state attorney general, and in all likelihood your local police department.
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LOSS MINIMIZATION RULE A rule stating that a firm minimizes economic loss by producing output in the short run that equates marginal revenue and marginal cost if price is less than average total cost but greater 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 shutdown (if price is less than average variable cost).
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GRAY SKITTERY
[What's This?]
Today, you are likely to spend a great deal of time flipping through the yellow pages looking to buy either a T-shirt commemorating next Thursday or a birthday gift for your uncle. Be on the lookout for jovial bank tellers.
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Woodrow Wilson's portrait adorned the $100,000 bill that was removed from circulation in 1929. Woodrow Wilson was removed from circulation in 1924.
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"Managing intellectual assets has become the single most important task of business. " -- Thomas Stewart, author
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FDA
Food and Drug Administration
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