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ECONOMIC RENT: The difference between the payment received by a resource owner and the opportunity cost of the resource. This is the payment received by a resource owner over and above the minimum needed to produce a good. Many resource owners are able to extract a portion of the economic profit generated by a business as a economic rent.
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LAW OF DEMAND The inverse relationship between demand price and the quantity demanded, assuming ceteris paribus factors are held constant. This fundamental economic principle indicates that a decrease the price of a commodity results in an increase in the quantity of the commodity that buyers are willing and able to purchase in a given period of time, if other factors are held constant. The law of demand is one of the most important principles found in the study of economics.
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GREEN LOGIGUIN
[What's This?]
Today, you are likely to spend a great deal of time watching infomercials hoping to buy either decorative garden figurines or a wall poster commemorating last Friday (you know why). Be on the lookout for defective microphones.
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The penny is the only coin minted by the U.S. government in which the "face" on the head looks to the right. All others face left.
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"What we have done for ourselves alone dies with us; what we have done for others and the world remains and is immortal." -- Albert Pike
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