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LRAS CURVE: The abbreviation of long-run aggregate supply, which is the long-run relation between real production and the price level, holding all ceteris paribus aggregate supply determinants constant. The LRAS curve is one of two curves that graphical capture the supply-side of the aggregate market; the other is the short-run aggregate supply curve (SRAS). The demand-side of the aggregate market is occupied by the aggregate demand curve. The vertical LRAS curve captures the independent relation between real production and the price level that exists in the long run.
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COMPARATIVE ADVANTAGE The ability to produce one good at a relatively lower opportunity cost than other goods, especially compared to production in another country. Every person or country has a comparative advantage in production of at least one good or service, even with relatively limited production technology. A related, but contrasting concept is absolute advantage. Both terms are perhaps most important to the study of international trade, but also provide insight into other exchanges.
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WHITE GULLIBON
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Today, you are likely to spend a great deal of time wandering around the shopping mall looking to buy either storage boxes for your winter clothes or several magazines on time travel. Be on the lookout for small children selling products door-to-door.
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The 1909 Lincoln penny was the first U.S. coin with the likeness of a U.S. President.
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"The man who does not read good books has no advantage over the man who cannot read them. " -- Mark Twain
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L/C
Letter of Credit
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