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ADAM SMITH: A Scottish professor (born 1723, died 1790) who is considered the father of modern economics for his revolutionary book, entitled An Inquiry into the Nature and Causes of the Wealth of Nations published in 1776.
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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. Diseconomies of scale result from decreasing returns to scale and are graphically illustrated by a positively-sloped long-run average cost curve. Diseconomies of scale usually occur for relatively large levels of production and overwhelm economies of scale that occurs at relatively small production levels. Together, economies of scale and diseconomies of scale create a U-shaped long-run average cost curve.
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YELLOW CHIPPEROON
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Today, you are likely to spend a great deal of time at an auction seeking to buy either storage boxes for your winter clothes or several magazines on time travel. Be on the lookout for slightly overweight pizza delivery guys.
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A U.S. dime has 118 groves around its edge, one fewer than a U.S. quarter.
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"Do not wait; the time will never be just right " -- Napoleon Hill, author
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AFEA
American Farm Economic Association
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