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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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NET EXPORTS The difference between exports--goods and services produced by the domestic economy and purchased by the foreign sector--and imports--goods and services produced by the foreign sector and purchased by the domestic economy. These are one of four aggregate expenditures on gross domestic product. The other three are consumption expenditures, investment expenditures, and government purchases.
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WHITE GULLIBON
[What's This?]
Today, you are likely to spend a great deal of time visiting every yard sale in a 30-mile radius trying to buy either storage boxes for your winter clothes or several magazines on time travel. Be on the lookout for the happiest person in the room.
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This isn't me! What am I?
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The standard "debt" notation I.O.U. does not mean "I owe you," but actually stands for "I owe unto..."
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"I love the man who can smile in trouble, who can gather strength from distress and grow brave by reflection. " -- Thomas Paine, statesman
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VC
Variable Cost
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