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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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Lesson 13: The Firm | Unit 5: The Bigger Picture Page: 24 of 24

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In this unit, you should have learned about:
  • The four market structures -- perfect competition, monopoly, monopolistic competition, and oligopoly.
  • How market control differs for each of the four market structures.
  • The business sector as the combination of all business firms in the economy.
  • How the business sector interacts with the other three aggregate sectors -- household, government, and foreign -- through the circular flow.

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INTERCEPT, CONSUMPTION LINE

The intercept of the consumption line indicates autonomous consumption, consumption that does not depend on the level of income or production. This can be thought of as the baseline level of consumption that would be undertaken if income falls to zero. Autonomous consumption is affected by the consumption expenditures determinants, which cause a change in the intercept and a shift of the consumption line. The value of the intercept of the saving line is the negative of the value of the intercept of the saving line.

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Today, you are likely to spend a great deal of time surfing the Internet looking to buy either a stretchable, flexible watch band or high-gloss photo paper that works with your printer. Be on the lookout for a thesaurus filled with typos.
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Francis Bacon (1561-1626), a champion of the scientific method, died when he caught a severe cold while attempting to preserve a chicken by filling it with snow.
"It is very rare that you meet with obstacles in this world (that) the humblest man has not the faculties to surmount. "

-- Henry David Thoreau, philosopher

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