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OPTION: A contract that gives the buyer an "option" to complete a transaction within a given time period. Options are used frequently in financial markets.

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PERFECT COMPETITION, FACTOR MARKET ANALYSIS

The analysis of a factor market characterized by perfect competition indicates that each buyer maximizes profit by equating marginal revenue product to the factor price. This achieves an efficient allocation of resources and provides a benchmark for analyzing other factor market structures, including monopsony, monopoly, and bilateral monopoly.

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Today, you are likely to spend a great deal of time at a crowded estate auction wanting to buy either a how-to book on home decorating or a set of luggage with wheels. Be on the lookout for slow moving vehicles with darkened windows.
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The first paper currency used in North America was pasteboard playing cards "temporarily" authorized as money by the colonial governor of French Canada, awaiting "real money" from France.
"Stand up to your obstacles and do something about them. You will find that they haven't half the strength you think they have."

-- Norman Vincent Peale

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Confederation of British Industry
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