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ABSOLUTE ADVANTAGE: The general ability to produced more goods using fewer resources. This idea of absolute advantage is important for trading that occurs between both people and nations. A nation can get an absolute advantage from an advanced level of technology or higher quality resources. For a person, an absolute advantage can result from natural abilities or the acquisition of human capital (education, training, or experience).

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BANK PANIC

An economy-wide problem in the financial sector and the banking industry that triggers an economy-wide business-cycle contraction or even depression. Bank panics were common throughout the 1800s and early 1900s, during which time they where the primary cause of business-cycle downturns. Bank panics usually involved bank runs that spread from bank to bank throughout the economy.

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Today, you are likely to spend a great deal of time strolling around a discount warehouse buying club seeking to buy either a rotisserie oven that can also toast bread or a flower arrangement in a coffee cup for your father. Be on the lookout for letters from the Internal Revenue Service.
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In the Middle Ages, pepper was used for bartering, and it was often more valuable and stable in value than gold.
"The majority of men meet with failure because of their lack of persistence in creating new plans to take the place of those that fail. "

-- Napoleon Hill, author

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