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KALDOR-HICKS EFFICIENCY: A type of efficiency that results if the monetary value of society's resources are maximized. This is achieved if the marginal willingness to pay by those who benefit from an action is equal to the marginal willingness to accept of those harmed. If this condition is not achieved, then a Kaldor-Hicks improvement is possible. Kaldor-Hicks efficiency, named after Nicholas Kaldor and John Hicks, is the theoretical basis of benefit-cost analysis, a technique commonly used to evaluate the desirability of producing public goods (such as parks, highways, or reservoirs). This is one of two noted efficiency criteria used in economics. The other is Pareto efficiency.
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LAND The naturally occurring resources used in the production of goods and services, including the land itself; the minerals and nutrients in the ground; the water, wildlife, and vegetation on the surface; and the air above. Land also includes the productive dimensions of space and accessibility. This is one of four basic categories of resources, or factors of production. The other three are labor, capital, and entrepreneurship.
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GREEN LOGIGUIN
[What's This?]
Today, you are likely to spend a great deal of time browsing through a long list of dot com websites hoping to buy either a desktop calendar with all federal and state holidays highlighted or a half-dozen helium filled balloons. Be on the lookout for crowded shopping malls.
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This isn't me! What am I?
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Three-forths of the gold mined each year is used to manufacture jewelry.
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"I was always looking outside myself for strength and confidence, but it comes from within. It is there all the time. " -- Anna Freud, psychologist
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VC
Variable Cost
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