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EURO: The denomination of the so-called single currency that is designed to integrate economic and monetary policies for the European Union. The euro will contain paper currency (banknotes) and metal coins and will replace the European Currency Unit that is presently used for commercial and financial transactions. While that plans are to introduce this single currency with paper and coins in 2002, no one knows for sure if the euro will completely replace national currencies (British pound, French franc, etc.) for transactions within each nation. The paper currency will come in denominations of 5, 10, 20, 50, 100, 200, and 500 euros and the metal coins will come in denominations of 1, 2, 5, 10, 20, and 50 cents, as well as 1 euro and 2 euros.
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ASSUMPTIONS, CLASSICAL ECONOMICS Classical economics, especially as directed toward macroeconomics, relies on three key assumptions--flexible prices, Say's law, and saving-investment equality. Flexible prices ensure that markets adjust to equilibrium and eliminate shortages and surpluses. Say's law states that supply creates its own demand and means that enough income is generated by production to purchase the resulting production. The saving-investment equality ensures that any income leaked from consumption into saving is replaced by an equal amount of investment. Although of questionable realism, these three assumptions imply that the economy would operate at full employment.
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RED AGGRESSERINE
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Today, you are likely to spend a great deal of time searching for rummage sales seeking to buy either a how-to book on home remodeling or a tall storage cabinet with five shelves and a secure lock. Be on the lookout for vindictive digital clocks with revenge on their minds.
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The portrait on the quarter is a more accurate likeness of George Washington than that on the dollar bill.
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"I do not believe in a fate that will fall on us no matter what we do. I do believe in a fate that will fall on us if we do nothing. " -- Ronald Reagan, 40th US president
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MAR
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