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OIKONOMOS: This rather strange word is a greek term meaning "household manager" or "household steward" that gave rise to the modern term economy and the whole range of related terms, including economic, economics, economist, and economize. Ironically there are those who use economics less with the goal of providing "stewardship" of the economy and more focused on the goal of extracting maximum personal gain.
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MINIMUM EFFICIENT SCALE The quantity of production that places a firm at the lowest point on its long-run average cost curve. The minimum efficient scale achieves production of a good at the lowest possible opportunity cost. In other words, it is not possible to produced a good at any lower cost than at the minimum efficient scale. At this quantity the production involves foregoing the least amount of other goods.
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RED AGGRESSERINE
[What's This?]
Today, you are likely to spend a great deal of time watching infomercials wanting to buy either a large red and white striped beach towel or a bottle of blackcherry flavored spring water. Be on the lookout for pencil sharpeners with an attitude.
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This isn't me! What am I?
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The average bank teller loses about $250 every year.
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"The majority of men meet with failure because of their lack of persistence in creating new plans to take the place of those that fail. " -- Napoleon Hill, author
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AS
Aggregate Supply
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