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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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INCREASING RETURNS TO SCALE A given proportional change in all resources in the long run results in a proportional greater change in production. Increasing returns to scale exists if a firm increases ALL resources--labor, capital, and other inputs--by a given proportion (say 10 percent) and output increases by more than this proportion (that is more than 10 percent). This is one of three returns to scale. The other two are decreasing returns to scale and constant returns to scale.
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BROWN PRAGMATOX
[What's This?]
Today, you are likely to spend a great deal of time flipping through the yellow pages trying to buy either a green fountain pen or a handcrafted bird house. Be on the lookout for spoiled cheese hiding under your bed hatching conspiracies against humanity.
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This isn't me! What am I?
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Cyrus McCormick not only invented the reaper for harvesting grain, he also invented the installment payment for selling his reaper.
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"God gives talent; work transforms talent into genius. " -- Anna Pavlova, ballerina
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RJE
RAND Journal of Economics
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