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EURO: The denomination of the so-called single currency that is designed to integrate economic and monetary policies for the European Union. The euro will contain paper currency (banknotes) and metal coins and will replace the European Currency Unit that is presently used for commercial and financial transactions. While that plans are to introduce this single currency with paper and coins in 2002, no one knows for sure if the euro will completely replace national currencies (British pound, French franc, etc.) for transactions within each nation. The paper currency will come in denominations of 5, 10, 20, 50, 100, 200, and 500 euros and the metal coins will come in denominations of 1, 2, 5, 10, 20, and 50 cents, as well as 1 euro and 2 euros.
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RISK AVERSION A preference for risk in which a person prefers guaranteed or certain income over risky income. Risk aversion arises due to decreasing marginal utility of income. A risk averse person prefers to avoid risk and is willing to pay to do so, often through the purchase of insurance. This is one of three risk preferences. The other two are risk neutrality and risk loving.
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GRAY SKITTERY
[What's This?]
Today, you are likely to spend a great deal of time visiting every yard sale in a 30-mile radius seeking to buy either a replacement remote control for your television or a replacement nozzle for your shower. Be on the lookout for slow moving vehicles with darkened windows.
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The first paper currency used in North America was pasteboard playing cards "temporarily" authorized as money by the colonial governor of French Canada, awaiting "real money" from France.
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"Perhaps the most valuable result of all education is the ability to make yourself do the thing you have to do, when it ought to be done, whether you like it or not; it is the first lesson that ought to be learned; and however early a man's training begins, it is probably the last lesson that he learns thoroughly. " -- Thomas H. Huxley, Scientist
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AFC
Average Fixed Cost
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