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ALLOCATION: The process of distributing resources for the production of goods and services, and of distributing goods and services for consumption by households. This process of allocation is essential to an economy's effort to address the problem of scarcity. An allocation is efficient if the resources, goods, and services are distributed according to the economy's highest valued uses.
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FIFTH RULE OF IMPERFECTION The fifth of seven basic rules of the economy, stating that the real world is not perfect, especially in terms of achieving an efficient allocation of resources. This rule means that markets often fail to achieve due to market failures, and that governments seldom satisfactorily enact the policies needed to correct market failings. As such, the real world is often faced with the lesser of two evils--imperfect markets or imperfect government.
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BLACK DISMALAPOD
[What's This?]
Today, you are likely to spend a great deal of time at a dollar discount store looking to buy either a package of 4 by 6 index cards, the ones with lines or a 50 foot extension cord. Be on the lookout for spoiled cheese hiding under your bed hatching conspiracies against humanity.
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This isn't me! What am I?
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The 1909 Lincoln penny was the first U.S. coin with the likeness of a U.S. President.
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"Don't waste your effort on a thing that results in a petty triumph unless you are satisfied with a life of petty issues. " -- John D. Rockefeller, industrialist
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LCH
Life Cycle Hypothesis
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