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THIRD-WORLD COUNTRY: A country with a relatively low standard of living and which lacks the economic development of more advanced industrialized nations like the United States. Most third-world countries are in Africa, Asia, and South America and often rise to newsworthy prominence when they have a famine, are overthrown by a military dictator, or are invaded by a more developed country. They tend to have high rates of population growth and limited success in doing what's necessary to achieve economic growth.
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Lesson 16: Perfect Competition | Unit 4: Long-Run Equilibrium
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Page: 23 of 28
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Topic:
Long-Run Supply Curves
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- What is the industry's long-run supply curve?
- Three types of industries and long-run supply curves:
- Increasing-cost industry: Should input prices rise with greater industry-wide production, then the average cost of production rises.
- Decreasing-cost industry: Should input prices fall with greater industry-wide production, then the average cost of production falls.
- Constant-cost industry: Should input prices remain unchanged with greater industry-wide production, then the average cost of production are also constant.
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MARGINAL PROPENSITY TO IMPORT The change in imports purchased from the foreign induced by a change in income or production (national income or gross domestic product). The marginal propensity to import (abbreviated MPM) is another term for the slope of the imports line and is calculated as the change in imports divided by the change in income or production. The MPM plays a role in Keynesian economics. It augments the slope of the aggregate expenditures line and is part to the multiplier process. A related marginal measure is the marginal propensity to consume.
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BEIGE MUNDORTLE
[What's This?]
Today, you are likely to spend a great deal of time at an auction wanting to buy either a remote controlled ceiling fan or a how-to book on home decorating. Be on the lookout for slow moving vehicles with darkened windows.
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More money is spent on gardening than on any other hobby.
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"We succeed in enterprises (that) demand the positive qualities we possess, but we excel in those (that) can also make use of our defects." -- Alexis de Tocqueville, Statesman
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RONA
Return on Net Assets
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