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MARKET FAILURES: Conditions in which a market does not efficiently allocate resources to achieve the greatest possible consumer satisfaction. The four main market failures are--(1) public good, (2) market control, (3) externality, and (4) imperfect information. In each case, a market acting without any government imposed direction, does not direct an efficient amount of our resources into the production, distribution, or consumption of the good.
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INTERCEPT, GOVERNMENT PURCHASES LINE The intercept of the government purchases line indicates autonomous government purchases, government purchases that do not depend on the level of income or production. This can be thought of as government purchases that the government sector undertakes regardless of the state of the economy. Autonomous government purchases are affected by the government purchases determinants, which cause a change in the intercept and a shift of the government purchases line.
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BLUE PLACIDOLA
[What's This?]
Today, you are likely to spend a great deal of time waiting for visits from door-to-door solicitors wanting to buy either a coffee cup commemorating yesterday or a replacement remote control for your television. Be on the lookout for malfunctioning pocket calculators.
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This isn't me! What am I?
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A half gallon milk jug holds about $50 in pennies.
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"Never let the fear of striking out get in your way. " -- Babe Ruth, baseball player
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JE
Journal of Econometrics
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