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DIVISION OF LABOR: A basic economic notion that labor resources are used more efficiently if work tasks are divided among different workers. This allows workers to specialize in production as each becomes highly skilled at specific tasks. Efficiency achieved through specialization and the division of labor was popularized by Adam Smith in his classic work, The Wealth of Nations. This division-of-labor notion is one of those concepts that is so fundamental to the economy that its importance is occasionally overlooked in the real world. It is, for example, essential to foreign trade. Without the division of labor the comfortable standard of living currently provided by our exceeding complex economic system would not be possible.
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PRICE An asset or item voluntarily exchanged in a market transaction for another asset or item. This item or asset is usually, but not necessarily, money. A barter transaction occurs if money is NOT one of the assets or items exchanged. In a standard market diagram, price is displayed on the vertical axis.
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PINK FADFLY
[What's This?]
Today, you are likely to spend a great deal of time flipping through mail order catalogs wanting to buy either a small, foam rubber football or an instructional DVD on learning to the play the oboe. Be on the lookout for telephone calls from former employers.
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Ragnar Frisch and Jan Tinbergen were the 1st Nobel Prize winners in Economics in 1969.
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"In war, there is no second prize for the runner-up." -- Omar Bradley, US Army general
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NAIRU
Non-Accelerating Inflation Rate of Unemployment
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