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DISECONOMIES OF SCALE: Increasing long-run average cost that occurs as a firm increases all inputs and expands its scale of production. This is graphically illustrated by a positively-sloped long-run average cost curve and typically occurs for relatively large levels of production. Diseconomies of scale overwhelm by economies of scale for relatively large production levels. Together, economies of scale and diseconomies of scale cause the long-run average cost curve to be U-shaped.
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INSURANCE A service that transfers the risk of loss from an individual to a larger group. The larger group is typically represented by an insurance provider, either a private for-profit company or a government agency. The insurance provider can assume the risk through risk pooling. Risk averse people, who are willing to pay a premium to avoid risk, are the ones most inclined to purchase insurance. The risk averse individual agrees to incur a small guaranteed loss (the premium) but avoids incurring a less likely, but much bigger, loss.
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YELLOW CHIPPEROON
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Today, you are likely to spend a great deal of time waiting for visits from door-to-door solicitors hoping to buy either a T-shirt commemorating yesterday or a pair of handcrafted oven mitts. Be on the lookout for infected paper cuts.
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Post WWI induced hyperinflation in German in the early 1900s raised prices by 726 million times from 1918 to 1923.
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"Most of the things worth doing in the world had been declared impossible before they were done." -- Louis D. Brandeis, Supreme Court Justice
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