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ECONOMIC COMMISSION FOR LATIN AMERICA: The Economic Commission for Latin America (ECLA) -the Spanish acronym is CEPAL- was established in 1948. ECLAC, which is headquartered in Santiago, Chile, is one of the five regional commissions of the United Nations. It was founded for the purposes of contributing to the economic development of Latin America, coordinating actions directed towards this end, and reinforcing economic relationships among the countries and with the other nations of the world. The promotion of the region's social development was later included among its primary objectives. The 33 countries of Latin America and the Caribbean are member States of ECLAC, together with several North American and European nations that have historical, economic and cultural ties with the region.
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LOSS MINIMIZATION RULE A rule stating that a firm minimizes economic loss by producing output in the short run that equates marginal revenue and marginal cost if price is less than average total cost but greater than average variable cost. This is one of three short-run production alternatives facing a firm. The other two are profit maximization (if price exceeds average total cost) and shutdown (if price is less than average variable cost).
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BEIGE MUNDORTLE
[What's This?]
Today, you are likely to spend a great deal of time searching the newspaper want ads seeking to buy either a black duffle bag with velcro closures or any book written by Isaac Asimov. Be on the lookout for poorly written technical manuals.
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Potato chips were invented in 1853 by a irritated chef repeatedly seeking to appease the hard to please Cornelius Vanderbilt who demanded french fried potatoes that were thinner and crisper than normal.
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"If anything terrifies me, I must try to conquer it. " -- Francis Charles Chichester, yachtsman, aviator
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WTO
World Trade Organization
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