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ADAM SMITH: A Scottish professor (born 1723, died 1790) who is considered the father of modern economics for his revolutionary book, entitled An Inquiry into the Nature and Causes of the Wealth of Nations published in 1776.

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SCARCITY

A pervasive condition of human existence that results because society has unlimited wants and needs, but limited resources used for their satisfaction. This fundamental condition is the common thread that binds all of the topics studied in economics.

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Today, you are likely to spend a great deal of time wandering around the downtown area looking to buy either handcrafted decorations to hang on your walls or throw pillows for your bed. Be on the lookout for high interest rates.
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The earliest known use of paper currency was about 1270 in China during the rule of Kubla Khan.
"Act well at the moment, and you have performed a good action for all eternity."

-- Johann Kaspar Lavater

LRMC
Long Run Marginal Cost
A PEDestrian's Guide
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