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CLASSICAL ECONOMICS: A body of economic thought originating with the work of Adam Smith based on the idea that the operation of unrestricted markets generates aggregate or national production that fully utilizes the economy's resources and maintains full employment. The three primary assumptions of classical economics are flexible prices, Say's law, and the saving-investment equality.
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AVERAGE PRODUCT AND MARGINAL PRODUCT A mathematical connection between average product and marginal product stating that the change in the average product depends on a comparison between the average product and marginal product. If marginal product is less than average product, then average product declines. If marginal product is greater than average product, then average product rises. If marginal product is equal to average product, then average product does not change.
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BLACK DISMALAPOD
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Today, you are likely to spend a great deal of time at a crowded estate auction seeking to buy either decorative picture frames or storage boxes for your income tax returns. Be on the lookout for bottles of barbeque sauce that act TOO innocent.
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A scripophilist is one who collects rare stock and bond certificates, usually from extinct companies.
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"Be civil to all; sociable to many; familiar with few; friend to one; enemy to none. " -- Benjamin Franklin, statesman
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MR
Marginal Revenue
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