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SCARCITY RENT: The marginal opportunity cost imposed on future generations by extracting one more unit of a resource today. Scarcity rent is one of two costs the extraction of a finite resource imposes on society. The other is marginal extraction cost--the opportunity cost of resources employed in the extraction activity. Scarcity rent is the cost of "using up" a finite resource because benefits of the extracted resource are unavailable to future generations. Efficiency is achieved when the resource price--the benefit society is willing to pay for the resource today--is equal to the sum of marginal extraction cost and scarcity rent.
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SLOPE, SHORT-RUN AGGREGATE SUPPLY CURVE The positive slope of the short-run aggregate supply curve, reflecting the direct relation between the price level and real production, results for three primary reasons--inflexible resources, frictional and structural unemployment, and purchasing power imbalances.
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YELLOW CHIPPEROON
[What's This?]
Today, you are likely to spend a great deal of time wandering around the shopping mall wanting to buy either a cell phone case or a pair of designer sunglasses. Be on the lookout for vindictive digital clocks with revenge on their minds.
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North Carolina supplied all the domestic gold coined for currency by the U.S. Mint in Philadelphia until 1828.
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"Gravitation can not be held responsible for people falling in love." -- Albert Einstein
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PVCF
Present Value Cash Flow
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