Absolute (Money) Price

Socially Optimal Amount (Output) An
amount that takes into account and adjusts
for all benefits (external and private) and all
costs (external and private); the amount at
which MSB 5 MSC. Sometimes referred to
as the efficient amount.
Special Interest Groups Subsets of
the general population that hold (usually)
intense preferences for or against a particular
government service, activity, or policy and
that often gain from public policies that may
not be in accord with the interests of the
general public.
Special-Purpose Vehicle (SPV) A legal
entity created to fulfill narrow, specific, or
temporary objectives.
Spontaneous Order The spontaneous
and unintended emergence of order out of
the self-interested actions of individuals; an
unintended consequence of human action,
with emphasis placed on the word unintended.
Stagflation The simultaneous occurrence
of high rates of inflation and unemployment.
Stock A claim on the assets of a corporation
that gives the purchaser a share of ownership
in the corporation.
Store of Value The ability of an item to
hold value over time; a function of money.
Strike The union employees’ refusal to
work at a certain wage or under certain
conditions.
Structural Deficit The part of the budget
deficit that would exist even if the economy
were operating at full employment.