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LRAC: The abbreviation for long-run average cost, which is the per unit cost of producing a good or service in the long run when all inputs are variable. In other words, long-run total cost divided by the quantity of output produced. Long-run average cost is based on economies of scale (or increasing returns to scale) and diseconomies of scale (or decreasing returns to scale).
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HOW? The allocation question that determines the way society's limited resources are combined in the production of goods and services. It can be stated as: How are society's limited resources combined to produce goods and services? This is one of three basic questions of allocation. The other two are What? and For Whom?
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PURPLE SMARPHIN
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Today, you are likely to spend a great deal of time browsing about a thrift store wanting to buy either a small, foam rubber football or an instructional DVD on learning to the play the oboe. Be on the lookout for florescent light bulbs that hum folk songs from the sixties.
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North Carolina supplied all the domestic gold coined for currency by the U.S. Mint in Philadelphia until 1828.
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"In every man's life there lies latent energy. There is, however, a spark that, if kindled, will set the whole being afire, and he will become a human dynamo, capable of accomplishing almost anything to which he aspires. " -- James Cash Penney, retailer
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