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TARIFF: A tax that's usually on imports, but occasionally (very rarely) on exports. This is one form of trade barrier that's intended to restrict imports into a country. Unlike nontariff barriers and quotas which increase prices and thus revenue received by domestic producers, a tariff generates revenue for the government. Most pointy-headed economists who spend their waking hours pondering the plight of foreign trade contend that the best way to restrict trade, if that's what you want to do, is through a tariff.
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SPECIALIZATION The condition in which resources are primarily devoted to specific production tasks. This is one of THE most important and most fundamental notions in the study of economics. Civilized human beings have long recognized that limited resources can be more effectively used in the production of the goods and services that satisfy unlimited wants and needs if those resources specialize.
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ORANGE REBELOON
[What's This?]
Today, you are likely to spend a great deal of time watching infomercials wanting to buy either a large red and white striped beach towel or a bottle of blackcherry flavored spring water. Be on the lookout for defective microphones.
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More money is spent on gardening than on any other hobby.
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"A man is not finished when he is defeated. He is finished when he quits. " -- President Richard Nixon
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OPEC
Organization of Petroleum Exporting Countries
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