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January 17, 2018 

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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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FOURTH RULE OF COMPETITION: The fourth of seven basic rules of the economy. It is the notion that competition among market buyers and sellers generate an efficient allocation of resources. Competition depends on the relative number of buyers and sellers. Fewer numbers give that side of the market relatively more market control and thus limits competition.

     See also | seven rules | market | competition | resource allocation | market control | monopoly | perfect competition | efficiency | competition among the many | competition among the few |


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THRIFT INSTITUTIONS

Non-profit depository financial institutions that were originally established to provide limited banking services, often to specific groups, that were not adequately offered by traditional banks. The three primary thrift institutions are credit unions, savings and loan associations, and mutual savings banks. In recent decades these thrift institutions have broaden the range of financial services, especially offering checkable deposits, and thus operate as banks. In particular, that come under the same monetary policy regulation as traditional banks.

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Today, you are likely to spend a great deal of time at a garage sale looking to buy either a coffee cup commemorating the first day of spring or a printer that works with your stockpile of ink cartridges. Be on the lookout for defective microphones.
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Much of the $15 million used by the United States to finance the Louisiana Purchase from France was borrowed from European banks.
"Being defeated is only a temporary condition; giving up is what makes it permanent."

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