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LAND: One of four basic categories of resources, or factors of production (the other three are labor, capital, and entrepreneurship). This category includes the natural resources used to produce goods and services, including the land itself; the minerals and nutrients in the ground; the water, wildlife, and vegetation on the surface; and the air above.

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INCREASING-COST INDUSTRY

A perfectly competitive industry with a positively-sloped long-run industry supply curve that results because expansion of the industry causes higher production cost and resource prices. An increasing-cost industry occurs because the entry of new firms, prompted by an increase in demand, causes the long-run average cost curve of each firm to shift upward, which increases the minimum efficient scale of production.

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YELLOW CHIPPEROON
[What's This?]

Today, you are likely to spend a great deal of time watching the shopping channel trying to buy either one of those memory foam pillows or a remote controlled train set. Be on the lookout for rusty deck screws.
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Approximately three-fourths of the U.S. paper currency in circular contains traces of cocaine.
"Plans are only good intentions unless they immediately degenerate into hard work."

-- Peter Drucker, management consultant

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