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SDR: The abbreviation for Special Drawing Rights, which is a system of accounts nations have with International Monetary Fund that are used to settle any balance of payments deficits. In essence, SDRs are simply an international currency that makes it easier to conduct all sorts of international transactions. In decades past, when gold was used as the primary international currency, any balance of payments deficits was paid with gold. However, in 1967 this system of SDRs was established in lieu of sending gold all over the globe.
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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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YELLOW CHIPPEROON
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Today, you are likely to spend a great deal of time at the confiscated property police auction trying to buy either a coffee cup commemorating next Thursday or a replacement remote control for your stereo system. Be on the lookout for high interest rates.
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Two and a half gallons of oil are needed to produce one automobile tire.
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"People of mediocre ability sometimes achieve outstanding success because they don't know when to quit. " -- George Allen, U.S. senator
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ITO
International Trade Organization
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