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INSTITUTION: An established method or way of doing something that's widely accepted throughout society. Common institutions include marriage, markets, high school football in the fall, government, and Christmas gift-giving. Institutions provide the rules and guidelines needed to carry out the day-to-day activities of our lives. Institutions provide the crucial structure of a society and the framework within which economic activity takes place. Without institution structure, anarchy would prevail. With the rules, though, come rigidities that can prevent resources from being allocated efficiently.
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AVERAGE REVENUE PRODUCT Total revenue generated per unit of a variable input, keeping all other inputs unchanged. Average revenue product, usually abbreviated ARP, is found by dividing total revenue by the variable input or by multiplying average physical product by average revenue. Average revenue product is a part of marginal productivity theory used to analyze the demand for productive inputs.
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BROWN PRAGMATOX
[What's This?]
Today, you are likely to spend a great deal of time wandering around the shopping mall wanting to buy either a replacement remote control for your television or a replacement nozzle for your shower. Be on the lookout for spoiled cheese hiding under your bed hatching conspiracies against humanity.
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The penny is the only coin minted by the U.S. government in which the "face" on the head looks to the right. All others face left.
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"Never let the fear of striking out get in your way. " -- Babe Ruth, baseball player
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ICCH
International Commodities Clearing House
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