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WORLD BANK: (International Bank for Reconstruction and Development) An agency of the United Nations that was established in 1945 to promote the economic development of the poorer nations in the world. They pursue this goal by providing low-interest loans to less development countries and offering technical assistance on the best ways to use these loans. Funds for the loans are obtained by the World Bank by selling bonds on the world's financial markets. It's long-run economic development orientation is usually coordinated with the shorter-run efforts of its sister U. N. agency, the International Monetary Fund.
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LAW OF DIMINISHING MARGINAL RETURNS A principle of short-run production stating that as a firm combines more of a variable input with a fixed input, the marginal product of the variable input eventually declines. This is THE economic principle underlying the analysis of short-run production for a firm. It offers an explanation for the law of supply and the positive slope of the market supply curve.
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ORANGE REBELOON
[What's This?]
Today, you are likely to spend a great deal of time flipping through mail order catalogs hoping to buy either a cross-cut paper shredder or a birthday greeting card for your father. Be on the lookout for rusty deck screws.
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Only 1% of the U.S. population paid income taxes when the income tax was established in 1914.
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"When one door closes another door opens; but we do often look so long and so regretfully upon the closed door, that we do not see the ones which open for us. " -- Alexander Graham Bell, inventor
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QJE
Quarterly Journal of Economics
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