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SCARCE GOOD: A resource with an available quantity less than its desired use. Scarce resources are also called factors of production. Scarce goods are also termed economic goods. Scarce resources are used to produce scarce goods. Like the more general society-wide condition of scarcity, a given resource is scarce because it has a limited availability in combination with a greater (potentially unlimited) productive use. It's both of these that make it scarce. In other words, even though an item is quite limited it will not be a scarce resource if it has few if any uses (think pocket lint and free good).
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U-SHAPED COST CURVES The family of short-run cost curves consisting of average total cost, average variable cost, and marginal cost, all of which have U-shapes. Each is U-shaped because it begins with relatively high but falling cost for small quantities of output, reaches a minimum value, then has rising cost at large quantities of output. Although the average fixed cost curve is not U-shaped, it is occasionally included with the other three just for sake of completeness.
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RED AGGRESSERINE
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Today, you are likely to spend a great deal of time searching for rummage sales seeking to buy either a green and yellow striped sweater vest or a Boston Red Sox baseball cap. Be on the lookout for slow moving vehicles with darkened windows.
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On a typical day, the United States Mint produces over $1 million worth of dimes.
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"Security can only be achieved through constant change, through discarding old ideas that have outlived their usefulness and adapting others to current facts. " -- William O. Douglas, Supreme Court Justice
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BLUE
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