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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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EFFECTIVE DEMAND A key conceptual notion of Keynesian economics stipulating that the aggregate expenditures on real production is based on existing or actual income rather than the income that would be generated with full employment of resources. Effective demand is embodied in the aggregate expenditures line, which has a positive slope, but a slope of less than one. This concept was proposed by Thomas Robert Malthus in the early 1800s as a counter argument to Say's law found in classical economics and then found new life when John Maynard Keynes developed his theory in the 1930s.
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GRAY SKITTERY
[What's This?]
Today, you are likely to spend a great deal of time lost in your local discount super center hoping to buy either a wall poster commemorating the first day of spring or a lazy Susan for you dining room table. Be on the lookout for mail order catalogs with hidden messages.
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This isn't me! What am I?
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A U.S. dime has 118 groves around its edge, one fewer than a U.S. quarter.
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"Anyone who has never made a mistake has never tried anything new. " -- Albert Einstein, physicist
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WFTU
World Federation of Trade Unions
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