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FIRST RULE OF SCARCITY: The first of seven basic rules of the economy. It is the fundamental fact of economic life that he world is faced with limited resources but unlimited wants and needs satisfied from these resources.
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U-SHAPED COST CURVES The family of short-run cost curves consisting of average total cost, average variable cost, and marginal cost, all of which have U-shapes. Each is U-shaped because it begins with relatively high but falling cost for small quantities of output, reaches a minimum value, then has rising cost at large quantities of output. Although the average fixed cost curve is not U-shaped, it is occasionally included with the other three just for sake of completeness.
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WHITE GULLIBON
[What's This?]
Today, you are likely to spend a great deal of time at the confiscated property police auction seeking to buy either a pair of designer sunglasses or looseleaf notebook paper. Be on the lookout for mail order catalogs with hidden messages.
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More money is spent on gardening than on any other hobby.
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"An idea is never given to you without you being given the power to make it reality." -- Richard Bach, Author
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X-M
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