Welcome to the Glossary! Each word will come to life using witty
jokes, satire, and colorful examples. The glossary is meant to
amuse and educate; not to be traditional or academic. The team
wants to hammer home a few vital ideas throughout the vocabulary
lesson. For example, keep an eye on asymmetric information’s
effect on health insurance. Please share the Glossary with
colleagues, friends, and family!  Browse by first letter
Absolute Advantage  Somebody is the best at everything. For my
taste, Michael Jordan at basketball, Tiger Woods at golf and
Lance Armstrong at being athletically phenomenal. Same goes for
producing products and services. A country, organization or
individual can produce a product or service at a lower absolute
cost compared to another. Or said another way, if two countries
use the same amount of resources to produce something (inputs),
the one that produces more (output) has an absolute advantage.
More productive and skilled workers could be one explanation for
such a phenomenon.  T