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September 18, 2018 

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COMPARATIVE ADVANTAGE: The ability to produced one good at a relatively lower opportunity cost than other goods. While pointy-headed economists developed this idea for nations, it's extremely important for people. A comparative advantage means that no matter how good (or bad) you are at producing stuff, there's always something that you're best (or least worst) at doing. Moreover, because you can produce this one thing by giving up less than what others give up, you can sell it or trade it to them. This idea of comparative advantage means that people and nations can benefit by specialization and exchange. You do what you do best, then trade to someone else for what they do best. Both sides in this trade get more and are thus better off after than before.

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MONETARY UNIT: The official (or sometimes unofficial) money used as the medium of exchange for an economy, and by extension as the unit of account for specifying prices. In the United States, for example, the monetary unit is the dollar. Other nations have different money and different monetary units. Germany uses the mark, Japan uses the yen, and England uses the pound.

     See also | money | money functions | medium of exchange | unit of account |


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ENERGY PRICES, AGGREGATE SUPPLY DETERMINANT

One of several specific aggregate supply determinants assumed constant when the aggregate supply curve is constructed, and that shifts the aggregate supply curve when it changes. An increase in the energy prices causes a decrease (leftward shift) of the aggregate supply curve. A decrease in the energy prices causes an increase (rightward shift) of the aggregate supply curve. Other notable aggregate supply determinants include technology, wages, and the capital stock. Energy prices fall under the resource price aggregate supply determinant.

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BLACK DISMALAPOD
[What's This?]

Today, you are likely to spend a great deal of time watching infomercials hoping to buy either a genuine down-filled pillow or one of those "hang in there" kitty cat posters. Be on the lookout for gnomes hiding in cypress trees.
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The first U.S. fire insurance company was established by Benjamin Franklin in 1752 in Philadelphia.
"As the births of living creatures at first are ill-shapen, so are all innovations, which are the births of time. "

-- Sir Francis Bacon, philosopher

CRRA
Constant Relative Risk Aversion
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