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HECKSCHER-OHLIN MODEL: A model of international trade developed by Eli Heckscher and Bertil Ohlin, with significant contributions by Paul Samuelson, that relies on the notion that comparative advantage is based on relative natural resource endowments. A nation with large oil reserves will, for example, have a comparative advantage in oil production over another nation with fertile soil, which will have a comparative advantage in agricultural production.
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MARGINAL UTILITY The additional utility obtained from the consumption or use of an additional unit of a good. It is specified as the change in total utility divided by the change in quantity. Marginal utility indicates what each additional unit of a good is worth to a consumer and provides a theoretical basis for understanding market demand and the law of demand. Marginal utility generally declines with increased consumption of a good, a reflection of the law of diminishing marginal utility.
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Learning All About EDUCATIONIt's a bright spring morning, the sort of day that makes poets and pedestrians pontificate profusely about our wondrous world. But, wait... IT'S TEST DAY! You're late for an exam! You hurriedly roam the school halls, opening door after endless door along an infinite hallway, in search of your exam. All you discover, though, is Maurice Finklestein who smirks knowingly while ridiculing your tardiness. Why do we do it? Why do we put ourselves through 12 to 20 years of oppression in the halls of academia, learning stuff of questionable value? Why? Why? WHY?
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GRAY SKITTERY
[What's This?]
Today, you are likely to spend a great deal of time at a dollar discount store hoping to buy either a how-to book on home repairs or a large, stuffed kitty cat. Be on the lookout for attractive cable television service repair people.
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This isn't me! What am I?
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Mark Twain said "I wonder how much it would take to buy soap buble if there was only one in the world."
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"There are no shortcuts to any place worth going. " -- Beverly Sills, Opera singer
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AEA
American Economic Association
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