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ABSOLUTE ADVANTAGE: The general ability to produced more goods using fewer resources. This idea of absolute advantage is important for trading that occurs between both people and nations. A nation can get an absolute advantage from an advanced level of technology or higher quality resources. For a person, an absolute advantage can result from natural abilities or the acquisition of human capital (education, training, or experience).

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PSYCHOLOGICAL LAW

A principle of consumption behavior proposed by John Maynard Keynes stating that people have the propensity to spend a large fraction, but not all, of any additional income received. This psychological law is not so much a principle of psychology as an economic observation about consumption spending and is related to the notion of effective demand.

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APLS

BLACK DISMALAPOD
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Today, you are likely to spend a great deal of time at an auction seeking to buy either a genuine down-filled snow parka or throw pillows for your living room sofa. Be on the lookout for letters from the Internal Revenue Service.
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A communal society, a prime component of Karl Marx's communist philosophy, was advocated by the Greek philosophy Plato.
"No man, for any considerable time, can wear one face to himself and another to the multitude without finally getting bewildered as to which may be true."

-- Nathanial Hawthorne, Author

CRS
Constant Returns to Scale
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