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WHAT?: One of three basic questions of allocation (the other two are How? and For Whom?). Answering the 'What?' question of allocation determines the types and quantities of goods and services produced with society's limited resources. Should society produce hammocks or hot fudge sundaes? Computers or Cadillacs? Birdfeed or battleships? The production possibilities analysis sets the stage for answering the 'What?' question.
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ECONOMIES OF SCALE Declining long-run average cost that occurs as a firm increases all inputs and expands its scale of production. Economies of scale result from increasing returns to scale and are graphically illustrated by a negatively-sloped long-run average cost curve. Economies of scale usually occur for relatively small levels of production and are then overwhelmed by diseconomies of scale for relatively large production levels. Together, economies of scale and diseconomies of scale create a U-shaped long-run average cost curve.
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RED AGGRESSERINE
[What's This?]
Today, you are likely to spend a great deal of time at the confiscated property police auction hoping to buy either a pair of leather sandals that won't cause blisters or clothing for your kitty cats. Be on the lookout for a thesaurus filled with typos.
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This isn't me! What am I?
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The first paper notes printed in the United States were in denominations of 1 cent, 5 cents, 25 cents, and 50 cents.
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"And while the law of competition may be sometimes hard for the individual, it is best for the race, because it ensures the survival of the fittest in every department. " -- Andrew Carnegie, entrepreneur
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JEH
Journal of Economic History
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