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PARETO IMPROVEMENT: Based on the Pareto efficiency criterion, the notion that an action improves efficiency if it is possible for one person to benefit without anyone else being harmed. A Pareto improvement is possible if the economy has idle resources or market failures. With idle resources, more production is possible to help some without hurting others. With market failures, corrective actions can eliminate deadweight loss that can then be use for benefits economy-wide. A contrasting condition for attaining efficiency is the Kaldor-Hicks improvement.
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OPPORTUNITY COST The highest valued alternative foregone in the pursuit of an activity. Opportunity cost is a one of the most fundamental concepts used in the study of economics. An opportunity cost can be either explicit, usually involving a monetary payment, or implicit, which does not involve a transaction. Opportunity cost is also commonly termed economic cost.
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YELLOW CHIPPEROON
[What's This?]
Today, you are likely to spend a great deal of time browsing through a long list of dot com websites trying to buy either a velvet painting of Elvis Presley or a wall poster commemorating yesterday. Be on the lookout for crowded shopping malls.
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The portion of aggregate output U.S. citizens pay in taxes (30%) is less than the other six leading industrialized nations -- Britain, Canada, France, Germany, Italy, or Japan.
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"Do what you feel in your heart to be right ‚ for you'll be criticized anyway. You'll be damned if you do and damned if you don't. " -- Eleanor Roosevelt, first lady
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IJIO
International Journal of Industrial Organization
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