|
|
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).
Visit the GLOSS*arama
|
|
|
|
|
PERFECT COMPETITION, DEMAND The demand curve for the output produced by a perfectly competitive firm is perfectly elastic at the going market price. The firm can sell all of the output that it wants at this price because it is a relatively small part of the market. As a price taker, the firm has no ability to charge a higher price and no reason to charge a lower one. The market price facing a perfectly competitive firm is also average revenue and, most important, marginal revenue.
Complete Entry | Visit the WEB*pedia |
|
|
|
General Electric is the only stock from the original 1896 Dow Jones Industrial Average remaining in the current index.
|
|
|
"You are never given a dream without also being given the power to make it true." -- Richard Bach, Author
|
|
IDA
International Development Association
|
|
|
Tell us what you think about AmosWEB. Like what you see? Have suggestions for improvements? Let us know. Click the User Feedback link.
User Feedback
|
|
