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PARETO EFFICIENCY: A type of efficiency that results if one person can not be made better off without making someone else worse off. Named after Vilfredo Pareto, this criterion is the guiding theoretical notion of efficiency used in the study of economics, especially welfare economics. Pareto efficiency is generally not attained if some resources are idle or unemployed. By engaging idle resources in production, some people can have more production without reducing that available to others. A problem with Pareto efficiency, however, is that it is based on the existing distribution of income and wealth. This is one of two noted efficiency criteria used in economics. The other is Kaldor-Hicks efficiency.
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LONG-RUN AVERAGE COST The per unit cost of producing a good or service in the long run when all inputs under the control of the firm are variable. In other words, long-run total cost divided by the quantity of output produced. Long-run average cost is guided by returns to scale.
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BEIGE MUNDORTLE
[What's This?]
Today, you are likely to spend a great deal of time searching for a specialty store looking to buy either a flower arrangement for that special day for your mother or a New York Yankees baseball cap. Be on the lookout for strangers with large satchels of used undergarments.
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Natural gas has no odor. The smell is added artificially so that leaks can be detected.
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"My future starts when I wake up every morning . . . Every day I find something creative to do with my life. " -- Miles Davis, musician
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FSL
Federal Savings and Loan Association
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