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MARKET CLEARING: The price and quantity that equates the quantity demanded and quantity supplied; equates the demand price and supply price; and achieves market equilibrium. In other words, the market is "cleared" of shortages and surpluses.
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SCARCE RESOURCE A resource with an available quantity less than its desired use. Scarce, or economic, resources are also called factors of production and are generally classified as either labor, capital, land, or entrepreneurship. Scarce resources are the workers, equipment, raw materials, and organizers used to produce scarce goods. Like the more general society-wide condition of scarcity, a given resource falls into the scarce category because it has a limited availability in combination with greater (potentially unlimited) productive uses.
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WHITE GULLIBON
[What's This?]
Today, you are likely to spend a great deal of time driving to a factory outlet seeking to buy either a key chain with a built-in flashlight and panic button or a green and yellow striped sweater vest. Be on the lookout for letters from the Internal Revenue Service.
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Woodrow Wilson's portrait adorned the $100,000 bill that was removed from circulation in 1929. Woodrow Wilson was removed from circulation in 1924.
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"In a restless, creative business with an emphasis on experiment and development, ideas are the lifeblood." -- Richard Branson, Virgin Group founder
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AV
Actual Value
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