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MARSHALLIAN CROSS: The standard market diagram, so beloved by undergraduate economics students, with price measured on the vertical axis and quantity measured on the horizontal axis, that presents the law of demand as a downward-sloping demand curve and the law of supply as an upward-sloping supply curve. The derivation of this name comes from it's creator, Alfred Marshall, and that market equilibrium is achieved where the demand and supply curves intersect, or "cross."
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EFFICIENCY Generating the most possible satisfaction from a given amount of resources. Efficiency means that this satisfaction of wants and needs cannot be increased by producing more of one good and less of another. This is one of the five economic goals and one of two microeconomic goals. The other goals are full employment, stability, economic growth, and equity.
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BLACK DISMALAPOD
[What's This?]
Today, you are likely to spend a great deal of time at a crowded estate auction hoping to buy either yellow cotton balls or a set of steel-belted radial snow tires. Be on the lookout for malfunctioning pocket calculators.
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In the Middle Ages, pepper was used for bartering, and it was often more valuable and stable in value than gold.
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"always remember an epitaph which is in the cemetery at Tombstone, Arizona. It says: „Here lies Jack Williams. He done his damnedest.¾ I think that is the greatest epitaph a man can have ‚ When he gives everything that is in him to do the job he has before him. That is all you can ask of him and that is what I have tried to do. " -- Harry Truman, 33rd US president
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BCD
Business Cycle Development
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