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RULE OF CONSUMER EQUILIBRIUM: A condition of consumer equilibrium and utility maximization stating that the marginal utility-price ratio for all goods are equal. This rule is a handy way of checking for consumer equilibrium and utility maximization. If the rule is not satisfied, then consumer equilibrium and utility maximization are not achieved.
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REVENUE EFFECT The generation of revenue used to finance government operations that results from placing taxes on economic activity. The revenue effect is the primary reason that governments impose taxes on members of society. Without the revenue generated from taxes, governments could not provided valuable and essential public goods nor undertake other government operations. This is one of two effects of taxation. The other is the allocation effect, which is the change in resource allocation that results because taxes create disincentives to produce, consume, and exchange.
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YELLOW CHIPPEROON
[What's This?]
Today, you are likely to spend a great deal of time waiting for visits from door-to-door solicitors hoping to buy either a T-shirt commemorating yesterday or a pair of handcrafted oven mitts. Be on the lookout for infected paper cuts.
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The first paper currency used in North America was pasteboard playing cards "temporarily" authorized as money by the colonial governor of French Canada, awaiting "real money" from France.
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"Most of the things worth doing in the world had been declared impossible before they were done." -- Louis D. Brandeis, Supreme Court Justice
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LTFV
Less Than Fair Value
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