Economics
In economics, in situ is used when referring to the in place storage of a product, usually a natural resource. More generally, it refers to any situation where there is no out-of-pocket cost to store the product so that the only storage cost is the opportunity cost of waiting longer to get your money when the product is eventually sold. Examples of in situ storage would be oil and gas wells, all types of mineral and gem mines, stone quarries, timber that has reached an age where it could be harvested, and agricultural products that do not need a physical storage facility such as hay.
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Famous quotes containing the word economics:
“Women’s battle for financial equality has barely been joined, much less won. Society still traditionally assigns to woman the role of money-handler rather than money-maker, and our assigned specialty is far more likely to be home economics than financial economics.”
—Paula Nelson (b. 1945)
“There is no such thing as a free lunch.”
—Anonymous.
An axiom from economics popular in the 1960s, the words have no known source, though have been dated to the 1840s, when they were used in saloons where snacks were offered to customers. Ascribed to an Italian immigrant outside Grand Central Station, New York, in Alistair Cooke’s America (epilogue, 1973)
“The new sound-sphere is global. It ripples at great speed across languages, ideologies, frontiers and races.... The economics of this musical esperanto is staggering. Rock and pop breed concentric worlds of fashion, setting and life-style. Popular music has brought with it sociologies of private and public manner, of group solidarity. The politics of Eden come loud.”
—George Steiner (b. 1929)