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THIRD ESTATE: In past centuries, this included the peasants, serfs, or slaves who performed the dirty deeds for the ruling elite. In modern times, this is the workers, taxpayers, and consumers who have limited ownership of and control over resources usually nothing more than their own labor. The third estate, which forms the backbone of any modern economy, is usually at odds with the business leaders of the second estate. Help may come from the government leaders of the first estate or the journalist of the fourth estate--but don't count on it.
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PERFECT COMPETITION, FACTOR MARKET ANALYSIS The analysis of a factor market characterized by perfect competition indicates that each buyer maximizes profit by equating marginal revenue product to the factor price. This achieves an efficient allocation of resources and provides a benchmark for analyzing other factor market structures, including monopsony, monopoly, and bilateral monopoly.
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YELLOW CHIPPEROON
[What's This?]
Today, you are likely to spend a great deal of time at a flea market trying to buy either a coffee cup commemorating Thor Heyerdahl's Pacific crossing aboard the Kon-Tiki or a rechargeable battery for your cell phone. Be on the lookout for mail order catalogs with hidden messages.
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Junk bonds are so called because they have a better than 50% chance of default, carrying a Standard & Poor's rating of CC or lower.
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"Democracy is based on the conviction that man has the moral and intellectual capacity . . . to govern himself with reason and justice. " -- Harry Truman, 33rd U.S. president
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NBV
Net Book Value
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