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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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PERFECT COMPETITION, LONG-RUN PRODUCTION ANALYSIS In the long run, a perfectly competitive firm adjusts plant size, or the quantity of capital, to maximize long-run profit. In addition, the entry and exit of firms into and out of a perfectly competitive market guarantees that each perfectly competitive firm earns nothing more or less than a normal profit. As a perfectly competitive industry reacts to changes in demand, it traces out positive, negative, or horizontal long-run supply curve due to increasing, decreasing, or constant cost.
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BROWN PRAGMATOX
[What's This?]
Today, you are likely to spend a great deal of time at a garage sale hoping to buy either a birthday gift for your grandmother or a T-shirt commemorating yesterday. Be on the lookout for bottles of barbeque sauce that act TOO innocent.
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Ragnar Frisch and Jan Tinbergen were the 1st Nobel Prize winners in Economics in 1969.
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"He who has a „why¾ to live can bear with almost any „how."" -- Friedrich Nietzsche, Philosopher
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AIO
Action Information Organization
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