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ANTITRUST: The generally process of preventing monopoly practices or breaking up monopolies that restrict competition. The term antitrust derives from the common use of the trust organizational structure in the late 1800s and early 1900s to monopolize markets. The most noted example of the use of a monopoly trust was the Standard Oil Trust, controlled by J. D. Rockefeller and dismantled through the Sherman Act in 1911. The creation of similar monopoly trusts led to the several antitrust laws, including the Sherman Act, the Clayton Act, and the Federal Trade Commission Act.
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ABSOLUTE ADVANTAGE The general ability to produce more goods or services using fewer resources. A person or country has an absolute advantage in production largely due to superior technology or greater technical efficiency. A related, but contrasting concept is comparative advantage. Both terms are perhaps most important to the study of international trade, but also provide insight into other exchanges.
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Today, you are likely to spend a great deal of time at a garage sale hoping to buy either a desktop calendar with all federal and state holidays highlighted or a half-dozen helium filled balloons. Be on the lookout for broken fingernail clippers.
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Ragnar Frisch and Jan Tinbergen were the 1st Nobel Prize winners in Economics in 1969.
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"It is the mark of an educated mind to be able to entertain a thought without accepting it." -- Aristotle
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D-J
Dow Jones
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