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EUROPEAN CURRENCY UNIT: The forerunner of the euro that will be officially introduced in the European Union in 2002. Commonly referred to as the ECU, the European Currency Unit is the weighted average of the currencies of the twelve original nations of the European Union. In that there are is no paper currency yet, it is currently used primarily for big-time commercial, financial, and international transactions.
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AUTONOMOUS SAVING Household saving that does not depend on income or production (especially disposable income, national income, or even gross domestic product). That is, changes in income do not generate changes in saving. Autonomous saving is best thought of as a baseline level of saving (usually negative) that the household sector undertakes in the unlikely event that income falls to zero. It is measured by the intercept term of the saving function or the saving line. The alternative to autonomous saving is induced saving, which does depend on income.
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YELLOW CHIPPEROON
[What's This?]
Today, you are likely to spend a great deal of time at a crowded estate auction trying to buy either a birthday gift for your aunt or a pair of leather sandals that won't cause blisters. Be on the lookout for cardboard boxes.
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This isn't me! What am I?
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During the American Revolution, the price of corn rose 10,000 percent, the price of wheat 14,000 percent, the price of flour 15,000 percent, and the price of beef 33,000 percent.
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"Give the American people a good cause, and there's nothing they can't lick. " -- John Wayne, actor
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G10
Group of Ten
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