|
|
RELATIVE POVERTY LEVEL: The amount of income a person or family needs to purchase a relative amount of basic necessities of life. These basic necessities are identified relative to the current structure of society and the economy. For example, while a refrigerator would be a basic necessity for someone living in the our modern U.S. economy, it probably would not be consider a necessity for nomads of sub-Saharan Africa or aborigines of Australia.
Visit the GLOSS*arama
|
|
|
|
|
MARKET FAILURES Imperfections in the exchange process between buyers and sellers that prevent markets from efficiently allocating scarce resources. Market failures come in four varieties -- public goods, market control, externalities, and imperfect information. Market efficiency is achieved if the value of goods produced is equal to the value of foregone production. Markets fail when this efficiency condition is not achieved. Such failures can only be corrected by government intervention.
Complete Entry | Visit the WEB*pedia |
|
|
ORANGE REBELOON
[What's This?]
Today, you are likely to spend a great deal of time browsing about a thrift store seeking to buy either a birthday greeting card for your grandfather or a weathervane with a cow on top. Be on the lookout for malfunctioning pocket calculators.
Your Complete Scope
This isn't me! What am I?
|
|
|
On a typical day, the United States Mint produces over $1 million worth of dimes.
|
|
|
"Managing intellectual assets has become the single most important task of business. " -- Thomas Stewart, author
|
|
ADV
Ad Valorem
|
|
|
Tell us what you think about AmosWEB. Like what you see? Have suggestions for improvements? Let us know. Click the User Feedback link.
User Feedback
|
|
