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LAW OF COMPARATIVE ADVANTAGE: A basic principle that states every nation has a production activity that incurs a lower opportunity cost than that of another nation, which means that trade between the two nations can be beneficial to both if each specializes in the production of a good with lower relative opportunity cost. While this law is fundamental to the study of international trade, it also applies to other activities, especially the specialization and the division of labor.
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MARGINAL REVENUE PRODUCT CURVE A curve that graphically illustrates the relation between marginal revenue product and the quantity of the variable input, holding all other inputs fixed. This curve indicates the incremental change in total revenue for incremental changes in the variable input. The marginal revenue product curve plays a key role in marginal productivity theory and the economic analysis of factor markets.
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"The shifts of fortune test the reliability of friends. " -- Marcus Tullius Cicero, Roman statesman
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The Business About INVESTMENTI had fun that last time we wandered into Shady Valley's very own Happy-Time Gala-World Fun-Land Amusement Park, didn't you? Let's stroll through it again, just to see what adventures we might find. Okay, I admit to an ulterior motive. The Happy-Time Gala-World Fun-Land Amusement Park recently added a new ride -- the Cap'n Space Fright Whirl. If you thought the Monster Loop Death Plunge roller coaster was exciting, then you're in for a real treat with this one. My interest in the Cap'n Space Fright Whirl, however, is NOT from the standpoint of risking a recently eaten meal. On the contrary, I'm going to don my pointy-headed economist disguise and check out this mass of twisted metal and high-flying cages as a prime example of capital. In the process we might be able to gain some insight into the whys and wherefors of the thing we call investment.
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BEIGE MUNDORTLE
[What's This?]
Today, you are likely to spend a great deal of time at an auction hoping to buy either clothing for your kitty cats or a set of luggage without wheels. Be on the lookout for strangers with large satchels of used undergarments.
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This isn't me! What am I?
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The wealthy industrialist, Andrew Carnegie, was once removed from a London tram because he lacked the money needed for the fare.
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LSE
London Stock Exchange
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