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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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BUYERS' MARKET A disequilibrium condition in a competitive market that has a surplus or excess supply. Because the quantity supplied is greater than the quantity demanded, buyers have the "upper hand" when negotiating. A market surplus also goes by the more common term of buyers' market. The alternative to a buyers' market is a sellers' market, which has a shortage or excess demand.
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YELLOW CHIPPEROON
[What's This?]
Today, you are likely to spend a great deal of time at a dollar discount store hoping to buy either a wall poster commemorating the first day of winter or blue cotton balls. Be on the lookout for gnomes hiding in cypress trees.
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Rosemary, long associated with remembrance, was worn as wreaths by students in ancient Greece during exams.
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"My life as a writer consists of 1/8 talent and 7/8 discipline. " -- John Irving, writer
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ISIC
International Standard Industrial Classification
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