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Whoever attentively considers the different departments of power must perceive, that, in a government in which they are separated from each other, the judiciary, from the nature of its functions, will always be the least dangerous to the political rights of the Constitution; because it will be least in a capacity to annoy or injure them. The Executive not only dispenses the honors, but holds the sword of the community. The legislature not only commands the purse, but prescribes the rules by which the duties and rights of every citizen are to be regulated. The judiciary, on the contrary, has no influence over either the sword or the purse; no direction either of the strength or of the wealth of the society; and can take no active resolution whatever. It may truly be said to have neither FORCE nor WILL, but merely judgment; and must ultimately depend upon the aid of the executive arm even for the efficacy of its judgments.
--Alexander Hamilton, Federalist No. 78, 1788
-Why might Franklin D Roosevelt have disagreed with Hamilton's argument about the judiciary?
Cost Curves
Graphs that show the cost of producing different quantities of a good or service, typically including average and marginal cost curves.
Market Price
The current price at which an asset or service can be bought or sold in a competitive marketplace.
Total Cost
The total cost is the sum of fixed and variable costs incurred in the production of goods or services.
Economic Profit
The difference between total revenue and the total costs of inputs, including both explicit and implicit costs.
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