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LAW OF COMPARATIVE ADVANTAGE: A basic principle that states every nation has a production activity that incurs a lower opportunity cost than that of another nation, which means that trade between the two nations can be beneficial to both if each specializes in the production of a good with lower relative opportunity cost. While this law is fundamental to the study of international trade, it also applies to other activities, especially the specialization and the division of labor.
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CIRCULAR FLOW A model of the continuous movement of production, income, and the services of scarce resources that flow between producers and consumers. In particular, the circular flow is a model of the continuous production and consumption interaction among the four major sectors of the macroeconomy--household, business, government, and foreign--using the three macroeconomic markets--product, resource, and financial. The circular flow model provides a easy way of getting the "big picture" and of seeing how the key parts of the macroeconomy fit together.
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BLUE PLACIDOLA
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Today, you are likely to spend a great deal of time visiting every yard sale in a 30-mile radius trying to buy either decorative celebrity figurines or a flower arrangement with anything but tulips for your grandfather. Be on the lookout for slow moving vehicles with darkened windows.
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Ragnar Frisch and Jan Tinbergen were the 1st Nobel Prize winners in Economics in 1969.
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"The only place success comes before work is in the dictionary. " -- Vince Lombardi
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EBC
Electronic Business Communications
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