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LAW OF COMPARATIVE ADVANTAGE: A basic principle that states every nation has a production activity that incurs a lower opportunity cost than that of another nation, which means that trade between the two nations can be beneficial to both if each specializes in the production of a good with lower relative opportunity cost. While this law is fundamental to the study of international trade, it also applies to other activities, especially the specialization and the division of labor.
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KEYNESIAN EQUILIBRIUM The state of macroeconomic equilibrium identified by the Keynesian model when the opposing forces of aggregate expenditures equal aggregate production achieve a balance with no inherent tendency for change. Once achieved, a Keynesian equilibrium persists unless or until it is disrupted by an outside force, especially changes in autonomous expenditures.
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PINK FADFLY
[What's This?]
Today, you are likely to spend a great deal of time looking for a downtown retail store looking to buy either a green and yellow striped sweater vest or a Boston Red Sox baseball cap. Be on the lookout for vindictive digital clocks with revenge on their minds.
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This isn't me! What am I?
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Cyrus McCormick not only invented the reaper for harvesting grain, he also invented the installment payment for selling his reaper.
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"It is not because things are difficult that we do not dare; it is because we do not dare that they are difficult. " -- Seneca, statesman, dramatist, philosopher
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ADV FRT
Advance Freight
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