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WILLINGNESS TO ACCEPT: The price or dollar amount that someone is willing to receive or accept to give up a good or service. Willingness to accept is the source of the supply price of a good. However, unlike supply price, in which sellers are on the spot of actually giving up a good to receive payment, willingness to accept does not require an actual exchange. This concept is important to benefit-cost analysis, welfare economics, and efficiency criteria, especially Kaldor-Hicks efficiency. A related concept is willingness to pay.
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MARKET SOCIALISM A type of economy, or economic system, based on--(1) government, rather than individual, ownership of many resources, especially those like heavy manufacturing, energy reserves, widely used raw materials (lumber, steel), and transportation systems, that are deemed critical to the operation of the economy; (2) answering three questions of allocation with a combination of central planning by government and decentralized decision-making by individual factories and the owners of non-critical resources; (3) the limited use of markets to exchange farm products and retail consumer goods; (4) economic and monetary incentives, such as bonuses, paid to the workers of government-owned facilities to encourage efficiency and increased productivity.
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BROWN PRAGMATOX
[What's This?]
Today, you are likely to spend a great deal of time wandering around the shopping mall looking to buy either storage boxes for your winter clothes or several magazines on time travel. Be on the lookout for infected paper cuts.
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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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"Defeat is not the worst of failures. Not to have tried is the true failure." -- George E. Woodberry, Author
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BIS
Bank for International Settlements
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