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HOTELLING'S PARADOX: A principle stating that monopolistically competitive firms seek to maintain similarities between products at the same time they maintain differences. Similarities enable substitutability. That is, one firm can attract the buyers away from other firms. Differences enable uniqueness and market control. That is, a firm has a small monopoly for its product that allows it to charge a higher price than achieved with perfect competition. This is also termed the principle of minimum differences.
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PERSONAL INCOME AND NATIONAL INCOME Personal income (PI) is the total income received by the members of the domestic household sector, which may or may not be earned from productive activities during a given period of time. National income (NI) is the total income earned by the citizens of the national economy resulting from their ownership of resources used in the production, which may or may not be received by members of the household sector. Personal income can be derived from national income by subtracting income earned but not received (IEBNR) and adding income received but not earned (IRBNE).
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BLACK DISMALAPOD
[What's This?]
Today, you are likely to spend a great deal of time at a flea market trying to buy either galvanized steel storage shelves or a large green chalkboard shaped like the state of Maine. Be on the lookout for deranged pelicans.
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This isn't me! What am I?
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Lombard Street is London's equivalent of New York's Wall Street.
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"Concentrate all your thoughts upon the work at hand. The sun's rays do not burn until brought to a focus." -- Alexander Graham Bell, inventor
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SCF
Survey of Consumer Finances
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