Term of the Day

competition

Economics: Rivalry in which every seller tries to get what other sellers are seeking at the same time: salesprofit, and market share by offering the bestpracticablecombination of price, quality, and service. Where the marketinformation flows freely, competition plays a regulatory function in balancingdemand and supply.
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Usage Example
The company was under serious competition from overseas companies which could manufacture a similar product for much less thanks to lower employee wages.
standard of living
Term of the Day

standard of living

The financial health of a population, as measured by the quantity ofconsumption by the members of that population. The measure most frequently used to estimate standard of living is gross national income per capita. One drawback to the standard of living measurement is that it does nottake into account some factors which are important but hard to quantify, such as crime rate or environmental...
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Usage Example
The only way to ever truly reduce consumption is to lower wages andstandard of living.

Notable Quotable
"Time is the friend of the wonderful business, the enemy of the mediocre." 
-Warren Buffett