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OVERT COLLUSION: A formal, usually secret, collusion agreement among competing firms (mostly oligopolistic firms) in an industry designed to control the market, raise the market price, and otherwise act like a monopoly. Also termed explicit collusion, the distinguishing feature of overt collusion is a formal agreement. This should be contrasted with implicit or tacit collusion that does not involve a formal, explicit agreement.
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ALLOCATION EFFECT A change in the allocation of resources caused by placing taxes on economic activity. By creating disincentives to produce, consume, or exchange, taxes generally alter resource allocations. The allocation effect is typically used when governments seek to discourage the production, consumption, or exchange of particular goods or activities that are deemed undesirable (such as tobacco use or pollution). This is one of two effects of taxation. The other (primary) is the revenue effect, which is the generation of revenue used to finance government operations.
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Three-forths of the gold mined each year is used to manufacture jewelry.
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"Each of us is issued but one life, and we know full well how it all ends. It would be regrettable to squander this one chance on someone else's appearance, someone else's experience. " -- Joseph Brodsky, Writer
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APC
Average Propensity to Consume
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