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ABSOLUTE ADVANTAGE: The general ability to produced more goods using fewer resources. This idea of absolute advantage is important for trading that occurs between both people and nations. A nation can get an absolute advantage from an advanced level of technology or higher quality resources. For a person, an absolute advantage can result from natural abilities or the acquisition of human capital (education, training, or experience).
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MONETARY BASE The combination of currency held by the nonbank public, vault cash held by banks, and Federal Reserve deposits of the banks. Also termed high-powered money, these are the three monetary components over which the Federal Reserve System has relatively complete control. Due to this control, the monetary base is often used as a guide for monetary policy. The monetary base differs from a relative monetary aggregate, M1, through the inclusion of vault cash and Federal Reserve deposits and the exclusion of checkable deposits.
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RED AGGRESSERINE
[What's This?]
Today, you are likely to spend a great deal of time going from convenience store to convenience store seeking to buy either a coffee table shaped like the state of Florida or storage boxes for your summer clothes. Be on the lookout for jovial bank tellers.
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Francis Bacon (1561-1626), a champion of the scientific method, died when he caught a severe cold while attempting to preserve a chicken by filling it with snow.
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"The less secure a man is, the more likely he is to have extreme prejudices. " -- Clint Eastwood, actor, director
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WPI
Wholesale Price Index
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