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ABSOLUTE ADVANTAGE: The general ability to produced more goods using fewer resources. This idea of absolute advantage is important for trading that occurs between both people and nations. A nation can get an absolute advantage from an advanced level of technology or higher quality resources. For a person, an absolute advantage can result from natural abilities or the acquisition of human capital (education, training, or experience).
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RESOURCE MARKETS Markets that exchange the services of the four factors of production--labor, capital, land, and entrepreneurship. The buyer of factor services is business sector. The seller of these services is the household sector. The study of macroeconomics is concerned with imbalances in the resource markets, especially surpluses and the resulting unemployment of resources. The resource markets, also termed factor markets, are one of three primary sets of macroeconomic markets. The other two are product markets and financial markets.
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PINK FADFLY
[What's This?]
Today, you are likely to spend a great deal of time flipping through the yellow pages trying to buy either a T-shirt commemorating the first day of winter or software that won't crash your computer. Be on the lookout for crowded shopping malls.
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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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"Nearly all men can stand adversity; but if you want to test a manžs character, give him power. " -- Abraham Lincoln, 16th U.S. President
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CFA
Cash Flow Accounting
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