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ABSOLUTE ADVANTAGE: The general ability to produced more goods using fewer resources. This idea of absolute advantage is important for trading that occurs between both people and nations. A nation can get an absolute advantage from an advanced level of technology or higher quality resources. For a person, an absolute advantage can result from natural abilities or the acquisition of human capital (education, training, or experience).
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SHORT RUN, MICROECONOMICS In terms of the microeconomic analysis of production and supply, a period of time in which at least one input under the control of a firm used in the production process is variable and at least one input is fixed. In the short run, the variable input is usually labor and the fixed input is capital. The short-run analysis of production reveals the law of diminishing marginal returns and provides an understanding of the upward-sloping supply curve and the law of supply. This is one of four production time periods used in the study of microeconomics. The other three are long run, very long run, and very short run (or market period). The short run is also a time period designation used in the macroeconomic analysis of business cycles.
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YELLOW CHIPPEROON
[What's This?]
Today, you are likely to spend a great deal of time wandering around the shopping mall trying to buy either a video game player or an AC adapter that won't fry your computer. Be on the lookout for broken fingernail clippers.
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The earliest known use of paper currency was about 1270 in China during the rule of Kubla Khan.
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"There is more to life than increasing its speed. " -- Mohandas Gandhi, activist
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PPP
Purchasing Power Parity
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