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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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SUPPLY DECREASE A decrease in the willingness and ability of sellers to sell a good at the existing price, illustrated by a leftward shift of the supply curve. A decrease in supply is caused by a change in a supply determinant and results in a decrease in equilibrium quantity and an increase in equilibrium price. A supply decrease is one of two supply shocks to the market. The other is a supply increase.
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RED AGGRESSERINE
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Today, you are likely to spend a great deal of time looking for the new strip mall out on the highway trying to buy either a pair of red and purple designer socks or a T-shirt commemorating Thor Heyerdahl's Pacific crossing aboard the Kon-Tiki. Be on the lookout for small children selling products door-to-door.
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Before 1933, the U.S. dime was legal as payment only in transactions of $10 or less.
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"Live in such a way that you would not be ashamed to sell your parrot to the town gossip." -- Will Rogers
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DVP
Discounted Present Value
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