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PRICE CEILING: A legally established maximum price. The government is occasionally inclined to keep the price of one good or another from rising too high. Examples include apartments, gasoline, and natural gas. While the goal is invariably a noble one--like keeping stuff affordable for poor people--a price ceiling often does more harm than good. First, it usually creates a shortage, meaning that many of the buyers who being protected against high prices, can't even buy the good. Second, as a consequence of this shortage, a price ceiling is likely to generate a black market where the good is sold illegally above the price ceiling.
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MARKET-ORIENTED ECONOMY A mixed economy that relies heavily on markets to answer the three questions of allocation, but with a modest amount of government involvement. While it is commonly termed capitalism, the term market-oriented economy is much more descriptive of the structure of the economy. The United States is the primary example of a market-oriented economy.
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BROWN PRAGMATOX
[What's This?]
Today, you are likely to spend a great deal of time at an auction looking to buy either a large, stuffed giraffe or a birthday greeting card for your aunt. Be on the lookout for slow moving vehicles with darkened windows.
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This isn't me! What am I?
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The average bank teller loses about $250 every year.
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"You are younger today than you will ever be again. Make use of it for the sake of tomorrow. " -- Norman Cousins, editor
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BVAR
Bayesian VAR (Vector Autoregression)
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