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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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ECONOMIC GROWTH The long-run expansion of the economy's ability to produce output. Growth is attained by increasing the quantity or quality of the economy's resources--labor, capital, land, and entrepreneurship--through such things as population growth, investment, exploration, technological innovation, and education. This is one of the five economic goals and more specifically one of the three macroeconomic goals. The other goals are full employment, stability, efficiency and equity.
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ORANGE REBELOON
[What's This?]
Today, you are likely to spend a great deal of time visiting every yard sale in a 30-mile radius hoping to buy either a coffee cup commemorating the first day of winter or a video game player. Be on the lookout for pencil sharpeners with an attitude.
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This isn't me! What am I?
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Parker Brothers, the folks who produce the Monopoly board game, prints more Monopoly money each year than real currency printed by the U.S. government.
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"It's usually the last ounce of effort that tips the scales of success." -- Rick Beneteau
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CBOE
Chicago Board Options Exchange
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