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PHYSICAL FLOW: In the circular flow, the counter-clockwise transfer of goods and services from the business sector to the household sector and the transfer of resource services from the household sector to the business sector. The payment flow moves in the opposite direction. The physical flow, the physical movement of goods and services, is the foundation of the economy's circular flow. The fundamental problem of scarcity is addressed by physically transforming scarce resources into goods and services that are then used to satisfy wants and needs.
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OPPORTUNITY COST The highest valued alternative foregone in the pursuit of an activity. Opportunity cost is a one of the most fundamental concepts used in the study of economics. An opportunity cost can be either explicit, usually involving a monetary payment, or implicit, which does not involve a transaction. Opportunity cost is also commonly termed economic cost.
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PINK FADFLY
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Today, you are likely to spend a great deal of time browsing through a long list of dot com websites hoping to buy either storage boxes for your winter clothes or several magazines on time travel. Be on the lookout for mail order catalogs with hidden messages.
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A half gallon milk jug holds about $50 in pennies.
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"The less secure a man is, the more likely he is to have extreme prejudices. " -- Clint Eastwood, actor, director
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Seminonparametric
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