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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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ENTREPRENEURSHIP: One of the four basic categories of resources, or factors of production (the other three are labor, capital, and land). Entrepreneurship is a special sort of human effort that takes on the risk of bringing labor, capital, and land together and organizing production.

     See also | factors of production | resources | labor | capital | land | risk | production | Smith, Adam | invisible hand | efficiency | profit | incentive | economic growth | living standard | economic profit | normal profit |


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ENTREPRENEURSHIP, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2018. [Accessed: May 26, 2018].


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AUTONOMOUS INVESTMENT

Business investment expenditures that do not depend on income or production (especially national income or even gross domestic product). That is, changes in income do not generate changes in investment. Autonomous investment is best thought of as investment that the business sector undertakes regardless of the state of the economy. It is measured by the intercept term of the investment line. The alternative to autonomous investment is induced investment, which does depend on income.

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Today, you are likely to spend a great deal of time looking for a downtown retail store looking to buy either a flower arrangement in a coffee cup for your father or a how-to book on meeting people. Be on the lookout for malfunctioning pocket calculators.
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Junk bonds are so called because they have a better than 50% chance of default, carrying a Standard & Poor's rating of CC or lower.
"Try not to become a man of success, but rather try to become a man of value. "

-- Albert Einstein

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