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TRANS-SHIPMENT POINT: A location that serves as a change from one transportation mode to another, such as from boat to train or truck to plane. Location theory indicates that trans-shipment points serve as a point of attraction for economic activity by virtue of saving terminal (load and unloading) cost. This indicates why harbors, interstate highway exits, railroad depots, and similar off-one-mode-onto-another-mode have historical emerged as economic centers.
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INSURANCE A service that transfers the risk of loss from an individual to a larger group. The larger group is typically represented by an insurance provider, either a private for-profit company or a government agency. The insurance provider can assume the risk through risk pooling. Risk averse people, who are willing to pay a premium to avoid risk, are the ones most inclined to purchase insurance. The risk averse individual agrees to incur a small guaranteed loss (the premium) but avoids incurring a less likely, but much bigger, loss.
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BLACK DISMALAPOD
[What's This?]
Today, you are likely to spend a great deal of time at a dollar discount store seeking to buy either a box of multi-colored, plastic paper clips or several orange mixing bowls. Be on the lookout for broken fingernail clippers.
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Before 1933, the U.S. dime was legal as payment only in transactions of $10 or less.
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"Plans are only good intentions unless they immediately degenerate into hard work." -- Peter Drucker, management consultant
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L/O
Letter of Offer
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