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| Securities Sold from the Seller's portfolio |
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| a thesis that explains why some citizens feel they are in, but not a part of society |
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| Where odd lots are assembled into round lots |
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| Any market behavior that drives the prices toward the trend line or moving average. Buying or selling that stabilizes the market price by minimizing the vagaries of the cycle. |
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| The Sherman, Clayton and Robinson-Patman Acts |
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| A court ruling which provides permanent relief or temporary relief. Such relief may be granted if insolvency exists or is anticipated. |
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| An acronym for the common market that pre-dated (and is now included in) the European Community formed by the nations of Belgium, Netherlands and Luxembourg. |
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| A book that is bought by as many people that attend a single USC football game. |
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| A major corporation with a reputation for financial stability and an excellent history of dividend payments. |
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| A ruling by a judge ordering one party to stop what they are doing and not do it again. Such rulings include TRO's, preliminary injunctions and permanent injunctions.' |
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| Temporary relief from insolvency for a firm |
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| Temporary relief from insolvency for an individual |
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| Permanent bankruptcy relief if insolvency exists |
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| Temporary relief from insolvency for a municipality or county |
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| In addition to outlawing specific anticompetitive behaviors, this 1914 law authorized federal judges to issue preliminary injunctions when they hear evidence that the Sherman Antitrust Act has been violated. |
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| An economic territory with the absence of internal tariffs, a common external tariff and factor mobility. |
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| The liberation of the people from the burdens of liberty |
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| A business organization having legal status, with liability limited to the assets of the corporation. |
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| Soft currency of de minimis value that is used to offset commodity transfers between nations (food) |
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| An economic partnership with an absence of internal tariffs and a common external tariff. |
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| A succession of periodically occurring events. |
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| ________ is the result of entrepreneurial innovation |
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| State issued tuition warrants permitting parents to enroll their children at the school of their choice, public or private. |
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| The right or power of the state to take private property for public use, usually for adequate compensation. |
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| Extrapolation of the future from the past. The logic of experience. |
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| A form of trade restriction whereby a government controls the foreign currency market by establishing an official rate and location of exchange, and retains the foreign currency for use as determined by the political leadership. |
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| The price at which one nation's currency is traded for another. |
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| In probability theory, the revenue from an event divided by its cost. For example, a savings bond with a maturity value of $100 may be purchased for $25 has an expected R/C ratio of 4. E = 100 / 25 = 4 |
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| The result of research; unfinished but presently abandoned (see theory). |
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| A risk where the probability of success times the expected R/C ratio = 1; p*E = 1 |
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| Paying an employee to produce nothing. |
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| The art of passing currency from hand to hand until it disappears. |
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| A direction given to a blindfolded driver by someone looking our the back window. |
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| The currency of a foreign country |
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| A market that permits free entry and free exit by buyers and sellers. A market without artifical barriers to trade. |
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| Like heaven; everyone wants to go there, but not too soon. |
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| A business zone that has either the absence of external tariffs (e.g. Hong Kong) or the absence of internal tariffs (e.g. NAFTA). |
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| Making a decision today, the validity of which depends upon a future event. |
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| The whole, where the whole is greater than the sum of the parts. |
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| A corporation perceived by the market to have enormous growth potential |
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| The condition that exists when the political leadership believes that the principle of caveat emptor cannot or should not be relied upon. |
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| Sales less cost of goods sold. |
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| As defined by Schumpeter, economic __________ means more as opposed to economic ____________ which means change. |
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| Harrod-Domar Accelerator Principle |
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| In a growing economy, the rate of growth must continually increase to create the requisite new capital and simultaneously replace worn out capital, thus guaranteeing that continuous growth is impossible. |
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| Paying a premium to another party to bear or absorb a risk. |
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| In law, a state statute that protects property from seizure by creditors. |
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| The condition that exists when all physical characteristics are identical |
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| When current liabilities are greater than current assets. |
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| Government authorization that requires the recording of transactions and is sometimes used to restrict the amount and/or kinds of products that can be imported. |
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| The presumption that a new (or new to a country) industry would become internationally competitive if it were protected and/or subsidized by the government. |
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| When total liabilities are greater than total assets; i.e., when net worth is negative. |
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| To the extent that a price change in one market affects either the supply or demand in another market, the two markets are said to be _____________. |
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| In national income accounting, a good (e.g. wheat) or service (e.g. advertising) sold and counted in one period, when the final product (e.g. bread) is sold in a subsequent period. |
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| A customs duty on goods transported between members of an economic area or business zone. |
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| The use of borrowed money at a fixed rate to invest (or speculate) in a security or other asset, thereby increasing the risk; i.e. the percentage of potential gain or loss. For example buying a stock on margin. |
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| Not less than (seller) or more than (buyer) x. |
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| In international economics, the maximum benefit gained by either side of a transaction while the other side neither gains nor losses. Part of David Ricardo's explanation of why the actual trading ration, called the terms of trade, takes place between these two extremes. |
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| marginal efficiency of capital (MEC) |
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| What a business decision-maker uses to determine the efficacy of an investment; i.e., the interest rate, alone, is not the critical determinant. Investment decisions are the result of a comparison between the expected return on an investment and the cost of that investment. |
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| A business that locates near the customer to beat the competition, to avoid trade restrictions, or to reduce distribution cost. |
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| The use of graphs and mathematical symbols to express and explain economic principles. |
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| The probability of success (p) times the expected R/C ratio (E). For example, if a state lottery ticket costing $1 returns $50 and pays off 1% of the time. p*E = 0.01* (50/1) = 0.5. |
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| Narrowly viewed in the prism of economic theory, these could be explicit forms of collusion which may be scrutinized by the Antitrust Division of the US Justice Department for evidence of behavior that threatens competitive markets. |
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| Gross profit less operating expenses plus other revenues. |
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| The value of a good or service directly affected by the general popularity of that good or service; e.g., the future sale of fax machines is a function of the number of people that presently own a fax machine. |
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| Less than 100 shares of a security traded |
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| Puts to sell and calls to buy |
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| 1st price, 2nd size, 3rd time |
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| A book by Laurence J. Peter that explains how every employee tends to rise to his level of incompetence. |
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| Any competitive activity where, regardless of individual gains or losses, the group of participants, taken as a collective, is better off. Where a rising tide raises all ships. |
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| The elimination of price competition through illegal collusion, regulated monopolies, or government permitted "fair trade" pricing. |
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| Any market behavior that drives the prices away from the trend line or moving average. Buying or selling that destabilizes the market price by exaggerating the vagaries of the cycle. |
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| A business organization that operates as a DBA for the owner(s) who are personally responsible for all taxes and liabilities. |
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| Any change in the money supply must directly affect the price of good and services. |
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| A trade restriction which protects a domestic producer by limiting the amount of a particular good or service that may be imported from a specific foreign nation. |
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| The percentage change between two numbers: take first the number from the second number, divide the difference by the first number and multiply the quotient by 100. Rate of increase from 4 to 5 is 25%. 5-4 = 1, 1/4 = .25 = 25%. |
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| A thesis that encourages alienated citizens to feel themselves part of a society, as: From each according to ability, to each according to need (Marx). |
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| In economics, _______ is its own virtue. |
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| Normal lots of stock sold in units of 100 shares. |
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| A tax on imports equal to the difference between domestic and foreign production costs. A law against the law of comparative advantage. |
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| Jean Monnet's theory that the nations of Europe would be disinclined to wage war over historical disagreements if their economies were interdependent. |
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| Securities borrowed from the Brokerage. |
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| A clean slate. Without a preconceived notion. |
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| To boughs on which an author hangs the foliage of his thesis. |
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| A transaction fee paid by a gambler to a bookie or a casino. |
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| When transitive individual preferences produce an intransitive collective outcome; e.g., voters prefer Adams to Bennett and Bennett to Cooper, but Cooper gets elected. |
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| David Ricardo's theory that maximum wages require the optimal ratio (mix) of land, labor and capital. John Stuart Mill explained that given this optimum, an attempt to increase wages would reduce the reward to the other factors, alter the ratio, produce less, and ultimately reduce wages; more is less. |
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| Long term call options issued by the company |
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| A unilateral transfer payment from the government to the household sector. |
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| The study of public policy from the perspective of consumer benefit. |
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| The ultimate impact of political, social or economic behavior on price, quantity, average cost, excess profit, and, ultimately, consumer surplus. |
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| Any competitive activity where, regardless of individual gains or losses, the group of participants, taken as a collective, is neither better off, nor worse off. |
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