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ECONOMIC GOOD: The transformation of limited resources for the purpose of satisfying unlimited wants and needs. You might detect a similarity between the term economic good and the term scarcity. The reason is that "economic good" is another term for scarce good. We call a scarce good an economic good because a scarce good is one that can be traded through markets.
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BILATERAL MONOPOLY, FACTOR MARKET ANALYSIS The analysis of a factor market characterized by monopsony dominating the buying side and monopoly dominating the selling side indicates that the factor price and quantity exchanged depends on the negotiating power of each side. Ironically, the factor price is likely to be closer to the efficient price achieved with perfect competition than that achieved individually by either monopsony or monopoly.
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BROWN PRAGMATOX
[What's This?]
Today, you are likely to spend a great deal of time at a crowded estate auction seeking to buy either a large green chalkboard shaped like the state of Maine or a replacement battery for your pocket calculator. Be on the lookout for cardboard boxes.
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The portrait on the quarter is a more accurate likeness of George Washington than that on the dollar bill.
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"In a time of drastic change, it is the learners who inherit the future. " -- Eric Hoffer, philosopher
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WPI
Wholesale Price Index
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