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DEVALUATION: The act of reducing the price (exchange rate) of one nation's currency in terms of other currencies. This is usually done by a government to lower the price of the country's exports and raise the price of foreign imports, which ultimately results in greater domestic production. The short- and long-run consequences of devaluation are described in the entry on the J curve. A government devalues its currency by actively selling it and buying foreign currencies through the foreign exchange market.
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PRINCIPLE OF MINIMUM DIFFERENCES A principle stating that monopolistically competitive firms seek to maintain similarities between products at the same time they promote differences. Similarities enable substitutability, such that one firm can attract the buyers away from other firms. Differences enable uniqueness and market control, such that each firm has market control and is able to charge a higher price than achieved with perfect competition. This principle is also termed Hotelling's paradox.
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YELLOW CHIPPEROON
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Today, you are likely to spend a great deal of time at a garage sale seeking to buy either a coffee cup commemorating yesterday or a replacement remote control for your television. Be on the lookout for rusty deck screws.
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The 1909 Lincoln penny was the first U.S. coin with the likeness of a U.S. President.
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"Old minds are like old horses; you must exercise them if you wish to keep them in working order. " -- John Adams, 2nd US president
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