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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 AND MARGINAL FACTOR COST A mathematical connection between average factor cost and marginal factor cost stating that the change in the average factor cost depends on a comparison between average factor cost and marginal factor cost. For perfect competition, with no market control, marginal factor cost is equal to average factor cost, and average factor cost does not change. For monopsony and other firms with market control, marginal factor cost is greater than average factor cost, and average factor cost rises.
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Fact 1: Our Limited PieThe first stop for any pedestrian on a leisurely stroll through the busy economic streets of Shady Valley is Scarcity Stan's Ye Olde Bakery Shoppe and Confectionery Palace. The most noted pastry on Scarcity Stan's list of delectables, wedged between his mouth-watering apple danishes and scrumptious jelly donuts, is economic pie. My mouth waters with the thought. Economic pie isn't like other donuts, cakes, and confectioneries with their gobs of sweetness, but very little nutritional sustenance. In fact, given that it refers to the sum total of the economy's resources and productive activity, economic pie is filled to the brim with sustenance. Unfortunately, Scarcity Stan and the congregation of people we call society, has only one economic pie, and while it's pretty large, it's never quite as big as we would like.
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The standard "debt" notation I.O.U. does not mean "I owe you," but actually stands for "I owe unto..."
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"An organization's ability to learn, and translate that learning into action rapidly, is the ultimate competitive business advantage. " -- Jack Welch, General Electric chief executive
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HKFE
Hong Kong Futures Exchange
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