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MARGINAL EFFICIENCY OF INVESTMENT: The anticipated rate of return on a capital investment project undertaken by a business firm. Businesses typically compare the marginal efficiency of investment, abbreviated MEI, on physical capital with interest rate returns on financial capital when deciding to undertake an investment project. Because different investment projects have different returns, businesses often have a range of alternatives projects from which to choose. Combining all projects throughout the economy gives rise to an investment demand curve relating investment expenditures to the interest rate.
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LAW OF COMPARATIVE ADVANTAGE A principle that states that every nation, worker, or production entity has a production activity that incurs a lower opportunity cost than that of another nation, worker, or production entity, which means that trade between the two can be beneficial to both if each specializes in the production of a good with lower relative opportunity cost. This law is most often studied in the confines of international trade, but it also applies to labor and other types of production.
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BLACK DISMALAPOD
[What's This?]
Today, you are likely to spend a great deal of time flipping through mail order catalogs looking to buy either a birthday gift for your mother or a weathervane with a horse on top. Be on the lookout for small children selling products door-to-door.
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A communal society, a prime component of Karl Marx's communist philosophy, was advocated by the Greek philosophy Plato.
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"The purpose of learning is growth, and our minds, unlike our bodies, can continue growing as long as we live." -- Mortimer Adler
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OTC
Over the Counter
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