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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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FALLACY OF COMPOSITION

The logical fallacy of arguing that what is true for the parts is also true for the whole. In the study of economics, this takes the form of assuming that what works for parts of the economy, such as households or businesses, also works for the aggregate, or macroeconomy. The contrasting fallacy is the fallacy of division.

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Today, you are likely to spend a great deal of time at a dollar discount store hoping to buy either a green fountain pen or a handcrafted bird house. Be on the lookout for deranged pelicans.
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The New York Stock Exchange was established by a group of investors in New York City in 1817 under a buttonwood tree at the end of a little road named Wall Street.
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