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KILLER APPLICATION: A computer program that is so incredibly useful, popular, and profitable that the company responsible for development achieves enormous growth in a relatively short time period. Several computer companies developed killer applications during the 1980s and 1990s, which contributed greatly to the computer revolution. The Lotus 1-2-3 spreadsheet program was among the first, and perhaps most noted, killer applications. This program motivated millions of businesses and consumers in the early 1980ds to purchase personal computers.

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Lesson 22: Factor Supply | Unit 2: Resources Page: 12 of 25

Topic: Unit Review <=PAGE BACK | PAGE NEXT=>

In this unit, you should have learned about:
  • Similarities and differences among the four resource categories -- labor, capital, land, and entrepreneurship.
  • How the satisfaction generated by working leads to compensating wages and a backward-bending supply curve.
  • The interaction between financial markets, financial and physical capital, and the internal use of capital services.
  • That the factor supply of land depends the productive service provide -- space or materials.
  • The relation between entrepreneurship and risk and the importance of an entrepreneur's risk preference.


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BALANCE OF TRADE SURPLUS

The positive difference of the value of goods and services exported out of a country less the value of goods and services imported into the country. A balance of trade surplus is the official term for positive net exports that occurs when exports exceed imports. A balance of trade surplus is also termed a "favorable" balance of trade because it results in a net inflow of monetary payments into the domestic economic from the foreign sector, which tends to be beneficial to a country. The alternative is a balance of trade deficit in which imports exceed exports.

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GREEN LOGIGUIN
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Today, you are likely to spend a great deal of time going from convenience store to convenience store looking to buy either a birthday greeting card for your grandmother or a coffee cup commemorating yesterday. Be on the lookout for jovial bank tellers.
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Post WWI induced hyperinflation in German in the early 1900s raised prices by 726 million times from 1918 to 1923.
"It is not because things are difficult that we do not dare; it is because we do not dare that they are difficult. "

-- Seneca, statesman, dramatist, philosopher

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Pacific Stock Exchange (US, LA and San Francisco)
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