March 23, 2018 

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EUROPEAN CURRENCY UNIT: The forerunner of the euro that will be officially introduced in the European Union in 2002. Commonly referred to as the ECU, the European Currency Unit is the weighted average of the currencies of the twelve original nations of the European Union. In that there are is no paper currency yet, it is currently used primarily for big-time commercial, financial, and international transactions.

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A given proportional change in all resources in the long run results in a proportional smaller change in production. Decreasing returns to scale exists if a firm increases ALL resources--labor, capital, and other inputs--by a given proportion (say 10 percent) and output increases by less than this proportion (that is, less than 10 percent). This is one of three returns to scale. The other two are increasing returns to scale and constant returns to scale.

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Today, you are likely to spend a great deal of time lost in your local discount super center seeking to buy either a large, stuffed kitty cat or a cross-cut paper shredder. Be on the lookout for spoiled cheese hiding under your bed hatching conspiracies against humanity.
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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.
"It is not the straining for great things that is most effective; it is the doing of the little things, the common duties, a little better and better."

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