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RESERVATION PRICE: The lowest price at which a supplier is willing to supply any amount of a good. This is usually based on the minimum cost of production. For labor, it's the lowest wage that makes it worthwhile to get up in the morning, miss your favorite daytime television shows, and go to work.
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SUBSTITUTE GOOD In general, one of two (or more) goods that are related in an either/or fashion. In terms of demand, substitute goods are those that provide the same basic satisfaction of a want or need when consumed. In terms of supply, substitute goods are those that use the same resource for production in an exclusionary manner. A substitute good is one of two ways that goods are related. The other is a complement good.
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BLUE PLACIDOLA
[What's This?]
Today, you are likely to spend a great deal of time looking for a downtown retail store wanting to buy either a birthday gift for your uncle or a pair of red and purple designer socks. Be on the lookout for fairy dust that tastes like salt.
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This isn't me! What am I?
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A scripophilist is one who collects rare stock and bond certificates, usually from extinct companies.
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"It's usually the last ounce of effort that tips the scales of success." -- Rick Beneteau
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ALAC
Latin American Free Trade Area
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