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LIQUIDITY: The ease of converting an asset into money (either checking accounts or currency) in a timely fashion with little or no loss in value. Money is the standard for liquidity because it is, well, money and no conversion is needed. Other assets, both financial and physical have varying degrees of liquidity. Savings accounts, certificates of deposit, and money market accounts are highly liquid. Stocks, bonds, and are another step down in liquidity. While they can be "cashed in," price fluctuations, brokerage fees, and assorted transactions expenses tend to reduce their money value. Physical assets, like houses, cars, furniture, clothing, food, and the like have substantially less liquidity.
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ABSOLUTE ADVANTAGE The general ability to produce more goods or services using fewer resources. A person or country has an absolute advantage in production largely due to superior technology or greater technical efficiency. A related, but contrasting concept is comparative advantage. Both terms are perhaps most important to the study of international trade, but also provide insight into other exchanges.
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ORANGE REBELOON
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Today, you are likely to spend a great deal of time visiting every yard sale in a 30-mile radius trying to buy either a video game player or an AC adapter that won't fry your computer. Be on the lookout for malfunctioning pocket calculators.
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A scripophilist is one who collects rare stock and bond certificates, usually from extinct companies.
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"Nothing so conclusively proves a man's ability to lead others as what he does from day to day to lead himself." -- Thomas J. Watson, IBM founder
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TU
Total Utility
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