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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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ECONOMIC COST An alternative term for opportunity cost, which is the highest valued alternative foregone in the pursuit of an activity. Opportunity cost, or economic cost, is one of the most fundamental concepts used in the study of economics, hence the reason it is also termed economic cost. Economic, or opportunity cost is also commonly termed just cost.
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PURPLE SMARPHIN
[What's This?]
Today, you are likely to spend a great deal of time searching for a specialty store wanting to buy either software that won't crash your computer or any book written by Stephan King. Be on the lookout for door-to-door salesmen.
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The earliest known use of paper currency was about 1270 in China during the rule of Kubla Khan.
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"People of mediocre ability sometimes achieve outstanding success because they don't know when to quit. Most men succeed because they are determined to. " -- George Allen, U.S. senator
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CLI
Cost of Living Index
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