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RESOURCE MARKET: A market used to exchange the services of resources labor, capital, and natural resources. The value of services exchanged through resource markets each year is measured as national income. Compare financial market, product market.
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COST An alternative term for economic or opportunity cost, which is the highest valued alternative foregone in the pursuit of an activity. Opportunity cost is one of the most fundamental concepts used in the study of economics, hence when the term cost is used in the study of economics without modification, it usually means economic or opportunity cost.
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PINK FADFLY
[What's This?]
Today, you are likely to spend a great deal of time searching for a specialty store seeking to buy either a pair of handcrafted oven mitts or a coffee table shaped like the state of Florida. Be on the lookout for fairy dust that tastes like salt.
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During the American Revolution, the price of corn rose 10,000 percent, the price of wheat 14,000 percent, the price of flour 15,000 percent, and the price of beef 33,000 percent.
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"I have no expectation of making a hit every time I come to bat. What I seek is the highest possible batting average." -- President Franklin Delano Roosevelt
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WAPM
Weak Axiom of Profit Maximization
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