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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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ECONOMY The system of production, distribution, and consumption of goods and services that a society uses to address the problem of scarcity.
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BEIGE MUNDORTLE
[What's This?]
Today, you are likely to spend a great deal of time lost in your local discount super center trying to buy either a flower arrangement with a lot of roses for your grandmother or a wall poster commemorating the first day of winter. Be on the lookout for malfunctioning pocket calculators.
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This isn't me! What am I?
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Al Capone's business card said he was a used furniture dealer.
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"Time is the scarcest resource, and unless it is managed nothing else can be managed." -- Peter F. Drucker
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CBOT
Chicago Board of Trade
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