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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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FIRM An organization that combines scarce resources for the production and supply of goods and services. The firm is used by entrepreneurs to bring together otherwise idle resources. The term firm is often used synonymously with the business, enterprise, or company. If there is a difference, a firm is functionally defined and need not be a typical for-profit business. A firm can be profit oriented, nonprofit, privately owned, or government controlled.
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Parker Brothers, the folks who produce the Monopoly board game, prints more Monopoly money each year than real currency printed by the U.S. government.
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"Be civil to all; sociable to many; familiar with few; friend to one; enemy to none. " -- Benjamin Franklin, statesman
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IMF
International Monetary Found
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