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HOUSEHOLD PRODUCTION: The creation of satisfaction using both goods purchased in markets and the uncompensated efforts of consumers. In other words, while you might buy stuff from the store, you often need to do something to it before it's ready to use. Probably the most common example is cooking a meal. You buy some pasta noodles, a jar of alfredo sauce, and a frozen package of bite-sized shrimp at the store, then use a little bit of your time and effort to prepare a tasty Italian meal.
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PHENOMENON An event or action that is subject to investigation, analysis, and explanation using the scientific method. Phenomena are the sorts of things that science seeks to explain. They can be common events, like the blowing wind, or unusual, like the extinction of the dinosaurs.
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The portion of aggregate output U.S. citizens pay in taxes (30%) is less than the other six leading industrialized nations -- Britain, Canada, France, Germany, Italy, or Japan.
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"In a restless, creative business with an emphasis on experiment and development, ideas are the lifeblood." -- Richard Branson, Virgin Group founder
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EMS
European Monetary System
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