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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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LABOR MARKET: A market that exchanges the services of labor resources. For the macroeconomy, this is a critical aspect of the aggregate resource markets, especially the short-run condition of rigid prices. Labor market wages tend to be rigid in short run. Such wage rigidity, was well as other short run problems, prevent labor markets from achieve equilibrium. The result is either unemployment or overemployment, both of which prevent long-run equilibrium in the aggregate market. See also | market | labor | wage | resource markets | short run | long run | aggregate market | short-run equilibrium | long-run equilibrium | unemployment | overemployment |
Recommended Citation:LABOR MARKET, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2024. [Accessed: July 27, 2024].
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LAISSEZ FAIRE The notion that government should not intervene into production, consumption, and exchange activities and that the private sector (households and businesses) should be free to make allocation decisions. Laissez faire is a French term that roughly translates into "allow to act." It has been the rallying cry for many people (primarily business leaders) who oppose government intervention, regulation, or even taxation since it was popularized in the late 1700s by Adam Smith in The Wealth of Nations.
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PURPLE SMARPHIN
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Today, you are likely to spend a great deal of time at a flea market seeking to buy either a wall poster commemorating Thor Heyerdahl's Pacific crossing aboard the Kon-Tiki or decorative garden figurines. Be on the lookout for neighborhood pets, especially belligerent parrots.
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The New York Stock Exchange was established by a group of investors in New York City in 1817 under a buttonwood tree at the end of a little road named Wall Street.
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"You miss 100% of the shots you never take. " -- Wayne Gretzky, hockey player
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