An unequal or inefficient exchange on the market caused by differences in information (or information asymmetry) between the two parties. For example, a used-car salesman has better information on the [..]

The branch that debates and votes on the nation's laws. In the U.S., this includes Congress, its supporting staff, the General Accounting Office, the Government Printing Office, and the Library o [..]

A legislature where there is only one chamber of representatives. Most legislatures in the world are unicameral. Advocates claim that unicameral governments eliminate corruption, rivalry, inefficiency [..]

The percentage of the labor force without jobs. In this case, the labor force is defined as those with jobs and those who are seeking them. There are three types of unemployment. Frictional unemployme [..]

A phenomenon where individuals attempt to exploit the group, but only harm themselves when everyone adopts the same strategy. For example, suppose you and 30 other people attend a banquet at a restaur [..]

The theory that lowering tax rates will increase economic growth and tax collections. Specifically, tax cuts allow entrepreneurs to invest their tax savings in new jobs and equipment, causing more peo [..]

After the widely publicized environmental disaster at Love Canal, Congress created the Superfund program to clean up the nation's thousands of toxic dump sites. The polluters responsible are supp [..]

1) The type of dictatorial government practiced by Joseph Stalin in the Soviet Union. This system was characterized by totalitarian control not only of society, but the economy as well. Stalinism was [..]

Any group that has a shared set of concerns, which attempts to argue its case before legislators prior to the passage of laws affecting their interests. Examples of such groups include individual busi [..]

Absolute, 100-percent ownership and control over property by a person, class, organization or nation.