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TANSTAAFL: a plan for a new economic world order. (Pierre Dos Utt, 1949) The earliest known occurrence of the full phrase (except for the "a"), in the form "There ain't no such thing as free lunch", appears as the punchline of a joke related in an article in the El Paso Herald-Post of June 27, 1938 (and other Scripps-Howard newspapers about the same time), entitled "Economics in Eight Words".
Comparison with use in software. The original gratis/libre distinction concerns software (i.e., code), with which users can potentially do two [citation needed] kinds of things: 1. access and use it; and 2. modify and re-use it. "Gratis" pertains to being able to access and use the code, without a price-barrier, while "libre" pertains to being ...
Pro bono. Pro bono publico (English: 'for the public good' ), usually shortened to pro bono, is a Latin phrase for professional work undertaken voluntarily and without payment. The term traditionally referred to provision of legal services by legal professionals for people who are unable to afford them.
Generally slang terms for money are following: "b′abki" — from Czech small anvil for making coins ("b′abka", pl. "b′abki"). Alternatively, the term may be derived from the literal meaning ("grandmas") and refer to the image of Catherine the Great on imperial 100 rouble banknotes. "babl′o" — slang from "b′abki".
Predatory pricing is a commercial pricing strategy which involves the use of large scale undercutting to eliminate competition. This is where an industry dominant firm with sizable market power will deliberately reduce the prices of a product or service to loss-making levels to attract all consumers and create a monopoly. [ 1]
The airlines are two competing low-cost carriers in the European market. A low-cost carrier ( LCC) or low-cost airline, also called no-frills, budget, or discount carrier or airline, is an airline that is operated with an emphasis on minimizing operating costs. It sacrifices certain traditional airline luxuries for cheaper fares.
Definition. Williamson defines transaction costs as a cost innate in running an economic system of companies, comprising the total costs of making a transaction, including the cost of planning, deciding, changing plans, resolving disputes, and after-sales. [ 6] According to Williamson, the determinants of transaction costs are frequency ...
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