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LIMITED RESOURCES: Finite quantities of labor, capital, land, and entrepreneurship available to an economy for the production of goods and services. This is one half of the fundamental problem of scarcity that has plagued humanity since the beginning of time. The other half of the scarcity problem is unlimited wants and needs.
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OWNERSHIP AND CONTROL Having simultaneous legal "title" to a resource, good, or commodity and the ability to determine how the resource, good, or commodity is used. Ownership means that having legal title. Control means having the ability to determine use.
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Lombard Street is London's equivalent of New York's Wall Street.
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"The greatest things ever done on Earth have been done little by little. " -- William Jennings Bryan
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MPS
Marginal Propensity to Save
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