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ABSOLUTE POVERTY: The amount of income a person or family needs to purchase an absolute amount of the basic necessities of life. These basic necessities are identified in terms of calories of food, BTUs of energy, square feet of living space, etc. The problem with the absolute poverty level is that there really are no absolutes when in comes to consuming goods. You can consume a given poverty level of calories eating relatively expensive steak, relatively inexpensive pasta, or garbage from a restaurant dumpster. The income needed to acquire each of these calorie "minimums" vary greatly. That's why some prefer relative poverty.
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LONG-RUN TOTAL COST The opportunity cost incurred by all of the factors of production used in the long run (when all inputs are variable) by a firm to produce a good or service, including wages paid to labor, rent paid for the land, interest paid to capital owners, and a normal profit earned by entrepreneurs. Unlike short-run total cost, long-run total cost cannot be separated into fixed cost and variable cost. In the long run, all inputs are variable, so all cost is variable.
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RED AGGRESSERINE
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Today, you are likely to spend a great deal of time at a going out of business sale hoping to buy either a travel case for you toothbrush or a looseleaf notebook binder. Be on the lookout for mail order catalogs with hidden messages.
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Three-forths of the gold mined each year is used to manufacture jewelry.
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"The majority of men meet with failure because of their lack of persistence in creating new plans to take the place of those that fail. " -- Napoleon Hill, author
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