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LAW OF COMPARATIVE ADVANTAGE: A basic principle that states every nation has a production activity that incurs a lower opportunity cost than that of another nation, which means that trade between the two nations can be beneficial to both if each specializes in the production of a good with lower relative opportunity cost. While this law is fundamental to the study of international trade, it also applies to other activities, especially the specialization and the division of labor.
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WHITE GULLIBON
[What's This?]
Today, you are likely to spend a great deal of time watching infomercials looking to buy either a genuine down-filled pillow or one of those "hang in there" kitty cat posters. Be on the lookout for attractive cable television service repair people.
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This isn't me! What am I?
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The standard "debt" notation I.O.U. does not mean "I owe you," but actually stands for "I owe unto..."
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"Give the American people a good cause, and there's nothing they can't lick. " -- John Wayne, actor
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