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CARIBBEAN COMMUNITY: The Caribbean Community (CARICOM) is a subregional organization that was established by the Treaty of Chaguaramas signed in 1973 by Barbados, Jamaica, Guyana and Trinidad & Tobago. Currently, the CARICOM has 15 country members all from the Caribbean region and several non-Caribbean countries that serve as external observers. The Community has several objectives like achieving improved standards of living and work, expansion of trade and economic relations with third States, accelerated, coordinated and sustained economic development and convergence, etc.

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CONSTANT-COST INDUSTRY: A perfectly competitive industry with a flat, or perfectly elastic long-run industry supply curve that results because expansion of the industry has no affect on production cost or resource prices. For a constant-cost industry the entry of new firms, prompted by an increase in demand, has no affect on the long-run average cost curve of each firm nor its minimum efficient scale of production.

     See also | perfect competition | supply | supply curve | industry | demand increase | minimum efficient scale | production cost | resource prices | economies of scale | increasing-cost industry | decreasing-cost industry |


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CONSTANT-COST INDUSTRY, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2018. [Accessed: July 22, 2018].


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INFLATIONARY GAP

The difference between the equilibrium real production achieved in the short-run aggregate market and full-employment real production that occurs when short-run equilibrium real production is more than full-employment real production. An inflationary gap, also termed an expansionary gap, is associated with a business-cycle expansion, especially the latter stages of an expansion. This is one of two alternative output gaps that can occur when short-run equilibrium generates production that differs from full employment. The other is a recessionary gap.

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