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The federal "lemon law" also provides that the warrantor may be obligated to pay the attorney fees of the party prevailing in a lemon law suit, as do most state lemon laws. If a car has to be repaired for the same defect four or more times and the problem is still occurring, the car may be deemed to be a "lemon".
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Sir Thomas Gresham. In economics, Gresham's law is a monetary principle stating that "bad money drives out good". For example, if there are two forms of commodity money in circulation, which are accepted by law as having similar face value, the more valuable commodity will gradually disappear from circulation.
Transformation problem: The transformation problem is the problem specific to Marxist economics, and not to economics in general, of finding a general rule by which to transform the values of commodities based on socially necessary labour time into the competitive prices of the marketplace. The essential difficulty is how to reconcile profit in ...
Socialism for the rich and capitalism for the poor" is a classical political-economic argument asserting that, in advanced capitalist societies, state policies assure that more resources flow to the rich than to the poor, for example in the form of transfer payments. [1]
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Wild fish are an example of common goods. They are non-excludable, as it is impossible to prevent people from catching fish. They are, however, rivalrous, as the same fish cannot be caught more than once. Common goods (also called common-pool resources [1]) are defined in economics as goods that are rivalrous and non-excludable. Thus, they ...
Print/export Download as PDF; Printable version; ... Pages in category "Economic problems" The following 35 pages are in this category, out of 35 total. ...