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SCARCE RESOURCE: A resource with an available quantity less than its desired use. Scarce resources are also called factors of production. Scarce goods are also termed economic goods. Scarce resources are used to produce scarce goods. Like the more general society-wide condition of scarcity, a given resource is scarce because it has a limited availability in combination with a greater (potentially unlimited) productive use. It's both of these that make it scarce. In other words, even though an item is quite limited it will not be a scarce resource if it has few if any uses (think pocket lint and free good).
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FREE TRADE AREAS A group of nations that have agreed to eliminate (or at least minimize) trade barriers -- especially tariffs, import quotas, and assorted regulatory non-tariff barriers -- within the group to encourage mutual trade. Free trade areas are usually contiguous or adjacent nations, often located on the same continent. Three noted free trade areas are comprised of nations located in North America, Europe, and Asia.
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BEIGE MUNDORTLE
[What's This?]
Today, you are likely to spend a great deal of time searching for a specialty store wanting to buy either a coffee cup commemorating the first day of winter or a video game player. Be on the lookout for small children selling products door-to-door.
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This isn't me! What am I?
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A thousand years before metal coins were developed, clay tablet "checks" were used as money by the Babylonians.
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"Chance favors only the prepared mind." -- Louis Pasteur, biologist
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AR
Average Revenue, Autoregressive
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