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HOMOGENEOUS OF DEGREE ONE: A property of an equation the exists if independent variables are increased by a constant value, then the dependent variable is increased by the same value. In other words, if the independent variables are doubled, then the dependent variable is also doubled. This property often surfaces in the analysis of production functions. A production function homogeneous of degree one is said to have constant returns to scale.

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ECLA: The Economic Commission for Latin America (ECLA) -the Spanish acronym is CEPAL- was established in 1948. ECLAC, which is headquartered in Santiago, Chile, is one of the five regional commissions of the United Nations. It was founded for the purposes of contributing to the economic development of Latin America, coordinating actions directed towards this end, and reinforcing economic relationships among the countries and with the other nations of the world. The promotion of the region's social development was later included among its primary objectives. The 33 countries of Latin America and the Caribbean are member States of ECLAC, together with several North American and European nations that have historical, economic and cultural ties with the region.

     See also | North American Free Trade Agreement | Andean Community | Association of Southeast Asian Nations | Caribbean Community | North American Development Bank | The Free Trade Area of the Americas | Organization of American States |


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OPPORTUNITY COST, PRODUCTION POSSIBILITIES

The production possibilities analysis, which is the alternative combinations of two goods that an economy can produce with given resources and technology, can be used to illustrate opportunity cost--the highest valued alternative foregone in the pursuit of an activity.

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Today, you are likely to spend a great deal of time searching for a specialty store trying to buy either a printer that works with your stockpile of ink cartridges or income tax software. Be on the lookout for celebrities who speak directly to you through your television.
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Sixty percent of big-firm executives said the cover letter is as important or more important than the resume itself when you're looking for a new job
"Try first to be a man of value; success will follow. "

-- Albert Einstein, physicist

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