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ECONOMIC: Relating to economics or the study of the economy. This word is commonly added to other terms to emphasize its importance to economics. A few examples are economic cost, economic profit, economic goal, economic policies, and economic thinking.
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CONSTANT RETURNS TO SCALE A given proportional change in all resources in the long run results in the same proportional change in production. Constant returns to scale exists if a firm increases ALL resources--labor, capital, and other inputs--by 10 percent, and output also increases by 10 percent. This is one of three returns to scale. The other two are increasing returns to scale and decreasing returns to scale.
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PURPLE SMARPHIN
[What's This?]
Today, you are likely to spend a great deal of time flipping through the yellow pages wanting to buy either semi-gloss photo paper that works with your neighbor's printer or a birthday gift for your father that doesn't look like every other birthday gift for your father. Be on the lookout for vindictive digital clocks with revenge on their minds.
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This isn't me! What am I?
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In the Middle Ages, pepper was used for bartering, and it was often more valuable and stable in value than gold.
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"How we spend our days is, of course, how we spend our lives. " -- Annie Dillard, essayist
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FTSE-100
Financial Times Stock Exchange 100 stock index (UK)
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