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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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ELASTICITY DETERMINANTS Three factors that affect the numerical value of the price elasticity of demand and the price elasticity of supply--availability of substitutes, time period of analysis, and proportion of budget. The price elasticities of demand and/or supply for a good can change if these determinants change. The first two determinants are important to both price elasticity of demand and price elasticity of supply, while the third relates specifically to the price elasticity of demand.
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YELLOW CHIPPEROON
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Today, you are likely to spend a great deal of time strolling through a department store wanting to buy either a birthday gift for your grandmother or a T-shirt commemorating yesterday. Be on the lookout for a thesaurus filled with typos.
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Helping spur the U.S. industrial revolution, Thomas Edison patented nearly 1300 inventions, 300 of which came out of his Menlo Park "invention factory" during a four-year period.
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"How wonderful it is that nobody need wait a single moment before starting to improve the world." -- Anne Frank
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ATC
Average Total Cost
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