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PERFECT COMPETITION, SHORT-RUN PRODUCTION ANALYSIS: A perfectly competitive firm produces the profit-maximizing quantity of output that equates marginal revenue and marginal cost. This production level can be identified using total revenue and cost, marginal revenue and cost, or profit. Because a perfectly competitive firm faces a perfectly elastic demand curve, it efficiently allocates resources by equating price and marginal cost. In addition, the marginal cost curve above the average variable cost curve is the perfectly competitive firm's short-run supply curve.
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BALANCE OF TRADE DEFICIT The negative difference of the value of goods and services exported out of a country less the value of goods and services imported into the country. A balance of trade deficit is the official term for negative net exports that occurs when imports exceed exports. A balance of trade deficit is also termed an "unfavorable" balance of trade because it results in a net outflow of monetary payments from the domestic economic to the foreign sector, which tends to be bad for a country. The alternative is a balance of trade surplus in which exports exceed imports.
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WHITE GULLIBON
[What's This?]
Today, you are likely to spend a great deal of time at a flea market seeking to buy either several magazines on time travel or 500 feet of telephone cable. Be on the lookout for slow moving vehicles with darkened windows.
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Before 1933, the U.S. dime was legal as payment only in transactions of $10 or less.
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"God grants victory to perseverance. " -- Simon Bolivar, South American liberator
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NEDC
National Economic Development Council
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