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INCREASING OPPORTUNITY COST: The proposition that opportunity cost, the value of foregone production, increases as more of a good is produced. This 'law' is most important to the slope of the production possibilities curve. It generates the convex shape of the curve, making the curve flat at the top and steep at the bottom.
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AUCTION A formal market exchange in which prospective buyers make bids to purchase a commodity. An auction is an effective way of exchanging commodities by bringing together buyers and sellers. Auctions are commonly used to exchange financial instruments, agricultural commodities, personal assets, and works of art. Three notable types of auctions are English, Dutch, and sealed-bid.
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BROWN PRAGMATOX
[What's This?]
Today, you are likely to spend a great deal of time going from convenience store to convenience store trying to buy either any book written by Isaac Asimov or a how-to book on building remote controlled airplanes. Be on the lookout for pencil sharpeners with an attitude.
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One of the largest markets for gold in the United States is the manufacturing of class rings.
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"There are no shortcuts to any place worth going. " -- Beverly Sills, Opera singer
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ATO
At The Opening
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