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RESOURCE: The labor, capital, land, and entrepreneurship used by society to produce consumer satisfying goods and services. Land provides the basic raw materials--vegetation, animals, minerals, fossil fuels--that are inputs into the production of goods (natural resources). Labor is the resource that does the "hands on" work of transforming raw materials into goods. Capital is the comprehensive term for the vast array of tools, equipment, buildings, and vehicles used in production. Entrepreneurship is the resource that undertakes the risk of bringing the other resources together and initiating the production process.
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SHORTAGE A condition in the market in which the quantity demanded is greater than the quantity supplied at the existing price. Because buyers are unable to buy as much of the good as they want, a shortage generally causes an increase in the market price, which then acts to restore equilibrium. A shortage, which also goes by the terms excess demand and sellers' market, is one of two basic states of disequilibrium for the market. The other is surplus.
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RED AGGRESSERINE
[What's This?]
Today, you are likely to spend a great deal of time browsing about a thrift store trying to buy either a handcrafted bird house or a weathervane with a chicken on top. Be on the lookout for broken fingernail clippers.
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This isn't me! What am I?
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More money is spent on gardening than on any other hobby.
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"The ultimate measure of a man is not where he stands in moments of comfort and convenience, but where he stands at times of challenge and controversy." -- Martin Luther King, Jr.
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GEB
Games and Economic Behavior
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