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TRANSPORTABLITY: One of four characteristics that enables an asset to better function as money. The other three are durability, divisibility, and non-counterfeitability. This characteristic means that the item used as money can be easily moved from one location to another, which is extremely useful because markets tend to be scattered all over the place. It really helps if buyers can transport their money to the points of purchase. An item could not be effectively used as a medium of exchange if it were not easily transportable.
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LAW OF COMPARATIVE ADVANTAGE A principle that states that every nation, worker, or production entity has a production activity that incurs a lower opportunity cost than that of another nation, worker, or production entity, which means that trade between the two can be beneficial to both if each specializes in the production of a good with lower relative opportunity cost. This law is most often studied in the confines of international trade, but it also applies to labor and other types of production.
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RED AGGRESSERINE
[What's This?]
Today, you are likely to spend a great deal of time wandering around the shopping mall looking to buy either a birthday gift for your mother or a weathervane with a horse on top. Be on the lookout for malfunctioning pocket calculators.
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There were no banks in colonial America before the U.S. Revolutionary War. Anyone seeking a loan did so from another individual.
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"Something in human nature causes us to start slacking off at our moment of greatest accomplishment. As you become successful, you will need a great deal of self-discipline not to lose your sense of balance, humility and commitment." -- H. Ross Perot
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FIRA
Foreign Investment Review Agency
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