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TRADE BARRIERS: Restrictions, invariably by government, that prevent free trade among countries. The more popular trade restrictions are tariffs, import quotas, and assorted nontariff barriers. An occasional embargo will be even thrown into this mix. The primary use of trade barriers is to restrict imports from entering in country. By restring imports, domestic producers of the restricted goods are protected from competition and are even subsidized through higher prices. Consumers, though, get the short end of this stick with higher prices and a limited choice of goods. In that producers tend to have more political clout than consumers, it's pretty obvious why trade barriers are a "natural" state of affairs.
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CONSTANT-COST INDUSTRY A perfectly competitive industry with a horizontal long-run industry supply curve that results because expansion of the industry causes no change in production cost or resource prices. A constant-cost industry occurs because the entry of new firms, prompted by an increase in demand, does not affect the long-run average cost curve of individual firms, which means the minimum efficient scale of production does not change.
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BROWN PRAGMATOX
[What's This?]
Today, you are likely to spend a great deal of time at a flea market wanting to buy either decorative celebrity figurines or a flower arrangement with anything but tulips for your grandfather. Be on the lookout for telephone calls from long-lost relatives.
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Much of the $15 million used by the United States to finance the Louisiana Purchase from France was borrowed from European banks.
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"Try first to be a man of value; success will follow. " -- Albert Einstein, physicist
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BACS
Bankers Automated Clearing Services
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