An index of the prices paid by retail stores for the products they would ultimately resell to consumers. The Wholesale Price Index, abbreviated WPI, was the forerunner of the modern Producer Price Ind [..]

One of three basic questions of allocation (the other two are How? and For Whom?). Answering the 'What?' question of allocation determines the types and quantities of goods and services prod [..]

A branch of economics that studies efficiency and the overall well-being of society based on alternative allocations of scarce resources. Welfare economics extends the microeconomic analysis of indiff [..]

An activity in which the transportation cost of the inputs is greater than the transportation cost of the output. Using the term weight to mean transportation cost, an activity is said to lose weight [..]

An assortment of programs that provide assistance to the poor. The cornerstone of our welfare system is Aid to Families with Dependent Children (AFDC), which was created by the Social Security Act (19 [..]

An activity in which the transportation cost of the output is greater than the transportation cost of the inputs. Using the term weight to mean transportation cost, an activity is said to gain weight [..]

When applied to location theory, the relative attractive force of one activity to another based on transportation cost. The weight of an activity in this context is comparable to the weight of matter [..]

A handy technique that many get-rich-quick schemes use to transfer a little wealth from a lot of people into the overflowing pockets of a few. In works in this manner--A person or business establishes [..]

Officially titled "An Inquiry into the Nature and Causes of the Wealth of Nations", this book written by Adam Smith and published in 1776, is considered to be the foundation for the modern s [..]

The manner in which wealth is divided among the members of the economy. A perfectly equal wealth distribution would mean everyone in the country has exactly the same wealth. In reality, wealth is uneq [..]