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ALLOCATIVE EFFICIENCY: Obtaining the most consumer satisfaction from available resources. Allocative efficiency means that our economy is doing the best job possible of satisfying unlimited wants and needs with limited resources -- that is, of addressing the problem of scarcity.
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INNOVATION The initial application of new products, technologies, and ideas that usually generate a beneficial improvement in society and the economy. In contrast to an invention, which is the act of creation, an innovation is the implementation of a product, technology, or idea. Innovations are changes in existing institutions and the status quo, prompted by risk-taking entrepreneurs, that promote prosperity and improved living standards.
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ORANGE REBELOON
[What's This?]
Today, you are likely to spend a great deal of time at an auction hoping to buy either a really, really exciting, action-filled video game or a coffee cup commemorating the moon landing. Be on the lookout for pencil sharpeners with an attitude.
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This isn't me! What am I?
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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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"When I stand before God at the end of my life, I would hope that I would not have a single bit of talent left, and could say, „I used everything you gave me.¾" -- Erma Bombeck, writer
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EMS
European Monetary System
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