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HOMOGENEOUS OF DEGREE N: A property of an equation the exists if independent variables are increased by a constant value, then the dependent variable is increased by the value raised to the power of n. The value of n can be greater than, less than, or equal to one. This property often surfaces in the analysis of production functions. If n = 1, then a doubling independent variables results in a doubling of the dependent variable and the production function has constant returns to scale. If n > 1, then a doubling independent variables results in more than a doubling of the dependent variable and the production function has increasing returns to scale. If n < 1, then a doubling independent variables results in less than a doubling of the dependent variable and the production function has decreasing returns to scale.
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ALLOCATION The process of distributing resources for the production of goods and services, and of distributing goods and services for the satisfaction of wants and needs and human consumption. This allocation process is an essential part of an economy's effort to address the problem of scarcity.
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Taking A Ride On TRANSPORTATION INFRASTRUCTUREOur pedestrian excursion gives us a ground-level view of the economy, but it's certainly slow and time-consuming. If you're like me, you've probably thought once or twice about jumping into an Omni Motors XL GT 9000 sports coupe to speed us along the way. Or perhaps an Omni Airlines 30-day tourist excursion would make our trip faster and less exhausting. That's one nice thing about modern transportation, it's pretty quick and not too expensive. It also helps us get a whole lot closer to solving the unsolvable problem of scarcity. However, for a really good pedestrian view of transportation and how it helps us along, we'd better remain on foot.
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BLACK DISMALAPOD
[What's This?]
Today, you are likely to spend a great deal of time searching for a specialty store wanting to buy either storage boxes for your winter clothes or several magazines on time travel. Be on the lookout for the last item on a shelf.
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North Carolina supplied all the domestic gold coined for currency by the U.S. Mint in Philadelphia until 1828.
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"I don't know the key to success, but the key to failure is trying to please everybody. " -- Bill Cosby
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AEA
American Economic Association
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