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ADAM SMITH: A Scottish professor (born 1723, died 1790) who is considered the father of modern economics for his revolutionary book, entitled An Inquiry into the Nature and Causes of the Wealth of Nations published in 1776.
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FULL EMPLOYMENT, LONG-RUN AGGREGATE SUPPLY The condition that exists when all resources are engaged in production. In practice, however, this condition is virtually impossible to achieve. An economy ALWAYS has some unemployed resources, particularly frictional and structural unemployment. The key characteristic of long-run aggregate supply is that full-employment production is maintained at ALL price levels. In the long run, when all prices and wages are flexible, all markets (financial, product, and especially resource) are in equilibrium, and the level of real production fully employs all available resources.
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BLACK DISMALAPOD
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Today, you are likely to spend a great deal of time going from convenience store to convenience store trying to buy either a wall poster commemorating next Thursday or a pair of gray heavy duty boot socks. Be on the lookout for jovial bank tellers.
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A lump of pure gold the size of a matchbox can be flattened into a sheet the size of a tennis court!
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"Believe and act as if it were impossible to fail." -- Charles F. Kettering
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DCF
Discounted Cash Flow
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