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DISEQUILIBRIUM PRICE: Any price that fails to balance the market forces of forces of demand and supply and equate the quantity demanded and quantity supplied. In other words, any market price other than the equilibrium price. A disequilibrium price can be either too high (above the equilibrium price) or too low (below the equilibrium price). A price above the equilibrium price creates a surplus in which the quantity supplied is greater than the quantity demanded. A price below the equilibrium price creates a shortage in which the quantity demanded is greater than the quantity supplied.

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Lesson 14: Production | Unit 1: Short-Run Production Page: 3 of 25

Topic: Two Runs: Short And Long <=PAGE BACK | PAGE NEXT=>

  • The two key time production periods.

  • The short run is a production time period in which at least one input is variable and at least one input is fixed.
  • The key is that firms produce and supply output on a day-to-day basis by adding variable inputs to fixed inputs.

  • The long run is a production time period in which all inputs are variable.
  • The long run is a period long enough to alter the quantities of ALL inputs, especially changing the amount of capital or the size of a factory.

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BALANCE OF TRADE SURPLUS

The positive 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 surplus is the official term for positive net exports that occurs when exports exceed imports. A balance of trade surplus is also termed a "favorable" balance of trade because it results in a net inflow of monetary payments into the domestic economic from the foreign sector, which tends to be beneficial to a country. The alternative is a balance of trade deficit in which imports exceed exports.

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Today, you are likely to spend a great deal of time surfing the Internet seeking to buy either a birthday greeting card for your grandmother or a coffee cup commemorating yesterday. Be on the lookout for deranged pelicans.
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In 1914, Ford paid workers who were age 22 or older $5 per day -- double the average wage offered by other car factories.
"I think luck is the sense to recognize an opportunity and the ability to take advantage of it . The man who can smile at his breaks and grabs his chance gets on."

-- Samuel Goldwyn, Film executive

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