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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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SCARCE A condition in which a given good or resource is limited relative to its desired uses. This is a special condition of the general condition of scarcity. A scarce good or resource is typically exchanged through markets and carries a positive price.
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Approximately three-fourths of the U.S. paper currency in circular contains traces of cocaine.
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"If you wouldn't write it and sign it, don't say it." -- Earl Wilson, Columnist
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MPC
Marginal Propensity to Consume
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