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LAW OF INCREASING OPPORTUNITY COST: The proposition that opportunity cost, the value of foregone production, increases as more of a good is produced. This "law" can be seen in the production possibilities schedule and is illustrated graphically through the slope of the production possibilities curve. It generates the distinctive convex shape of the curve, making it flat at the top and steep at the bottom.
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CONTRIBUTIVE STANDARD An income distribution standard in which income is divided among members of society based on the value of each person's contribution to production. This is one of three basic income distribution standards that answers the For Whom? question of allocation. The other two are the equality standard and the needs standard.
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In his older years, Andrew Carnegie seldom carried money because he was offended by its sight and touch.
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"Concentrate all your thoughts upon the work at hand. The sun's rays do not burn until brought to a focus." -- Alexander Graham Bell, inventor
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LOCH
London Options Clearing House
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