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COMPARATIVE ADVANTAGE: The ability to produced one good at a relatively lower opportunity cost than other goods. While pointy-headed economists developed this idea for nations, it's extremely important for people. A comparative advantage means that no matter how good (or bad) you are at producing stuff, there's always something that you're best (or least worst) at doing. Moreover, because you can produce this one thing by giving up less than what others give up, you can sell it or trade it to them. This idea of comparative advantage means that people and nations can benefit by specialization and exchange. You do what you do best, then trade to someone else for what they do best. Both sides in this trade get more and are thus better off after than before.
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INDUCED CONSUMPTION Household consumption expenditures that depend on income or production (especially disposable income, national income, or even gross domestic product). That is, changes in income induce changes in consumption. Induced consumption captures the fundamental psychological law put forth by John Maynard Keynes. It is measured by the marginal propensity to consume (MPC) and is reflected by the positive slope of consumption line. The alternative to induced consumption is autonomous consumption, which does not depend on income.
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"When the solution is simple, God is answering." -- Albert Einstein
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Taking A Ride On TRANSPORTATION INFRASTRUCTUREOur pedestrian excursion gives us a ground-level view of the economy, but it's certainly slow and time-consuming. If you're like me, you've probably thought once or twice about jumping into an Omni Motors XL GT 9000 sports coupe to speed us along the way. Or perhaps an Omni Airlines 30-day tourist excursion would make our trip faster and less exhausting. That's one nice thing about modern transportation, it's pretty quick and not too expensive. It also helps us get a whole lot closer to solving the unsolvable problem of scarcity. However, for a really good pedestrian view of transportation and how it helps us along, we'd better remain on foot.
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RED AGGRESSERINE
[What's This?]
Today, you are likely to spend a great deal of time looking for the new strip mall out on the highway hoping to buy either a wall poster commemorating Thor Heyerdahl's Pacific crossing aboard the Kon-Tiki or decorative garden figurines. Be on the lookout for spoiled cheese hiding under your bed hatching conspiracies against humanity.
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This isn't me! What am I?
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Only 1% of the U.S. population paid income taxes when the income tax was established in 1914.
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AAO
Authorized Acquisition Objective
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