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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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AVERAGE FACTOR COST CURVE A curve that graphically represents the relation between average factor cost incurred by a firm for employing an input and the quantity of input used. Because average factor cost is essentially the price of the input, the average factor cost curve is also the supply curve for the input. The average factor cost curve for a firm with no market control is horizontal. The average revenue curve for a firm with market control is positively sloped.
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RED AGGRESSERINE
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Today, you are likely to spend a great deal of time flipping through mail order catalogs seeking to buy either semi-gloss photo paper that works with your neighbor's printer or a birthday gift for your father that doesn't look like every other birthday gift for your father. Be on the lookout for gnomes hiding in cypress trees.
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The first U.S. fire insurance company was established by Benjamin Franklin in 1752 in Philadelphia.
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"I think luck is the sense to recognize an opportunity and the ability to take advantage of it . The man who can smile at his breaks and grabs his chance gets on." -- Samuel Goldwyn, Film executive
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Bank Note
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