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EUROPEAN COMMISSION: The executive body of the European Union that is charged with initiating Union-wide regulations. This is as close as the European Union has come to a centralized "federal" government comparable to that in the United States. It, however, has not achieved the status. The 15 national members of the European Union still retain a significant degree of autonomy.
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TOTAL PHYSICAL PRODUCT The total quantity of output produced by a firm for a given quantity of inputs. Total physical product is actually nothing more than total product. The insertion of the word "physical" merely keeps the phrase consistent with average physical product and marginal physical product, two terms useful in marginal-productivity theory and the analysis of factor demand.
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Parker Brothers, the folks who produce the Monopoly board game, prints more Monopoly money each year than real currency printed by the U.S. government.
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"He, who every morning plans the transactions of the day, and follows that plan, carries a thread that will guide him through a labyrinth of the most busy life." -- Victor Hugo, Writer
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