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COMMON-PROPERTY GOOD: A good that's difficult to keep nonpayers from consuming, but use of the good by one person prevents use by others. Examples include oceans, the atmosphere, many lakes and streams, and large tracts of wilderness area or public parks. The term "common property" aptly describes the situation here, it's commonly owned and thus everyone has access to it, but it can be easily used up or destroyed. Many of our pollution problems occur because common property becomes a convenient place to dump waste materials. For efficiency, government needs to take charge of common-property goods, private exchange through markets can't do the job.
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ALLOCATIVE EFFICIENCY Obtaining the most consumer satisfaction from available resources. In other words, resources are allocated in such a way that consumer satisfaction is at its highest possible level. This is also termed either efficiency or economic efficiency.
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BROWN PRAGMATOX
[What's This?]
Today, you are likely to spend a great deal of time at a dollar discount store hoping to buy either a T-shirt commemorating the 2000 Olympics or a genuine fake plastic Tiffany lamp. Be on the lookout for malfunctioning pocket calculators.
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This isn't me! What am I?
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Only 1% of the U.S. population paid income taxes when the income tax was established in 1914.
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"The majority of men meet with failure because of their lack of persistence in creating new plans to take the place of those that fail. " -- Napoleon Hill, author
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ARP
Average Revenue Product
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