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Review Box 9.7 and write an essay about "day fines." What are they? What is the alternative way of levying fines for criminal conduct? What is the ethical frame of reference behind the idea of day fines? Do you consider this idea interesting and provocative as an alternative to how we do things here in America? Would you change our fine structure toward such a system? Why or why not?
Marginal Expenditure Curve
A graphical representation that shows the change in total expenditure incurred by purchasing one additional unit of a good or service.
Economic Rent
Amount that firms are willing to pay for an input less the minimum amount necessary to obtain it.
Factor Of Production
Resources used in the creation of goods and services, typically categorized into land, labor, capital, and sometimes entrepreneurship.
Supply Curve
A graphical representation of the relationship between the price of a good and the quantity supplied.
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