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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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DEMAND The willingness and ability to buy a range of quantities of a good at a range of prices, during a given time period. Demand is an inverse relation between price (demand price) and quantity (quantity demanded). Demand is one half of the market exchange process--the other is supply. This demand side of the market draws inspiration from the unlimited wants and needs dimension of the scarcity problem.
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North Carolina supplied all the domestic gold coined for currency by the U.S. Mint in Philadelphia until 1828.
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"I love the man who can smile in trouble, who can gather strength from distress and grow brave by reflection. " -- Thomas Paine, statesman
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NYFE
New York Futures Exchange
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