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INCREASING RETURNS TO SCALE: A given proportionate increase in all resources in the long run results in a proportionately greater increase in production. Increasing returns to scale exists if a firm increases ALL resources -- labor, capital, and other inputs -- by 10%, and output increases by more than 10%. You might want to compare decreasing returns to scale and constant returns to scale.
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SIXTH RULE OF IGNORANCE The sixth of seven basic rules of the economy, stating that obtaining information is a costly activity that requires resources with alternative uses. As such, no one knows everything and everyone is ignorant about something.
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The portrait on the quarter is a more accurate likeness of George Washington than that on the dollar bill.
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"You can't build a reputation on what you are going to do." -- Henry Ford, automaker
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AACCLA
Association of American Chambers of Commerce in Latin America
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