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May 11, 2021 

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SPECIAL DRAWING RIGHTS: A system of accounts nations have with International Monetary Fund that are used to settle any balance of payments deficits. In essence, SDRs are simply an international currency that makes it easier to conduct all sorts of international transactions. In decades past, when gold was used as the primary international currency, any balance of payments deficits was paid with gold. However, in 1967 this system of SDRs was established in lieu of sending gold all over the globe.

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GOVERNMENT SECTOR: The basic macroeconomic sector that includes all levels of government, including federal, state, and local. The primary function of the government sector is to force resource allocation decisions that might not otherwise be made by the rest of the economy. This is one of four macroeconomic sectors. The other three are household sector, business sector, and foreign sector.

     See also | government | public sector | private sector | government purchases | taxes | government borrowing | government functions | good types | market failures | public choice | household sector | business sector | foreign sector | circular flow |


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GOVERNMENT SECTOR, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2021. [Accessed: May 11, 2021].


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ECONOMIES OF SCALE

Declining long-run average cost that occurs as a firm increases all inputs and expands its scale of production. Economies of scale result from increasing returns to scale and are graphically illustrated by a negatively-sloped long-run average cost curve. Economies of scale usually occur for relatively small levels of production and are then overwhelmed by diseconomies of scale for relatively large production levels. Together, economies of scale and diseconomies of scale create a U-shaped long-run average cost curve.

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PINK FADFLY
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Today, you are likely to spend a great deal of time looking for a downtown retail store looking to buy either decorative garden figurines or a wall poster commemorating last Friday (you know why). Be on the lookout for rusty deck screws.
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The standard "debt" notation I.O.U. does not mean "I owe you," but actually stands for "I owe unto..."
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-- Phaedrus, Philosopher

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