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BILATERAL: An action, often used in terms of an international trade agreement, that mutually affects two parties. As such, a bilateral trade agreement is one negotiated by two countries. For example, the United States might enter into a bilateral agreement with Germany over car sales, such that each agrees to restrict the number of imports from the other. Compare multilateral, unilateral.
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INNOVATION PROFIT Economic profit, the difference between the total revenue received by a firm and the total opportunity cost of production, that is attributable to innovation, the initial application of new products, technologies, or ideas. Innovation profit is one of two sources of economic profit. The other is monopoly profit that arises due to market control. The generation of innovation profit is an important incentive that by rewarding individual innovative behavior enables society-wide benefits from the resulting innovations.
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In the late 1800s and early 1900s, almost 2 million children were employed as factory workers.
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"You are younger today than you will ever be again. Make use of it for the sake of tomorrow. " -- Norman Cousins, editor
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BOP
Balance of Payments
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