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PARETO EFFICIENCY: A type of efficiency that results if one person can not be made better off without making someone else worse off. Named after Vilfredo Pareto, this criterion is the guiding theoretical notion of efficiency used in the study of economics, especially welfare economics. Pareto efficiency is generally not attained if some resources are idle or unemployed. By engaging idle resources in production, some people can have more production without reducing that available to others. A problem with Pareto efficiency, however, is that it is based on the existing distribution of income and wealth. This is one of two noted efficiency criteria used in economics. The other is Kaldor-Hicks efficiency.
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INTERNATIONAL ECONOMICS An economics field of study that applies both macroeconomic and microeconomic principles to international trade, which is the flow of trade among nations, and to international finance, which is the means of making payment for the exchange of goods among nations. International economics studies the economic interactions among the different nations that make up the global economy. Often this interaction is viewed in terms of the domestic economy and the foreign sector. The key economic principle underlying international economics is the law of comparative advantage.
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GRAY SKITTERY
[What's This?]
Today, you are likely to spend a great deal of time going from convenience store to convenience store wanting to buy either a birthday greeting card for your father or a T-shirt commemorating the first day of spring. Be on the lookout for pencil sharpeners with an attitude.
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Before 1933, the U.S. dime was legal as payment only in transactions of $10 or less.
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"All things are difficult before they are easy." -- Thomas Fuller, Physician
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IBRD
International Bank for Reconstruction and Development
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