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RESOURCE: The labor, capital, land, and entrepreneurship used by society to produce consumer satisfying goods and services. Land provides the basic raw materials--vegetation, animals, minerals, fossil fuels--that are inputs into the production of goods (natural resources). Labor is the resource that does the "hands on" work of transforming raw materials into goods. Capital is the comprehensive term for the vast array of tools, equipment, buildings, and vehicles used in production. Entrepreneurship is the resource that undertakes the risk of bringing the other resources together and initiating the production process.
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FIXED EXCHANGE RATE: An exchange rate that's established at a given level and maintained through government (usually central bank) actions. To fix the exchange rate, a government must be willing to buy and sell currency in the foreign exchange market in whatever amounts are necessary. A fixed exchange rate typically disrupts a nation's balance of trade and balance of payments. If the exchange rate is fixed too low, then a government needs to sell it's currency in the foreign exchange market, and may end up expanding the money supply too much, which then causes inflation. If the exchange rate is fixed too high, then export sales to other countries are curtailed and the economy is likely to slide into a recession. See also | exchange rate | currency | money | foreign exchange market | balance of trade | balance of payments | money supply | export | import | floating exchange rate | managed float | J curve |
Recommended Citation:FIXED EXCHANGE RATE, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2024. [Accessed: December 7, 2024].
AmosWEB Encyclonomic WEB*pedia:Additional information on this term can be found at: WEB*pedia: fixed exchange rate
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MARGINAL FACTOR COST The change in total factor cost resulting from a change in the quantity of factor input employed by a firm. Marginal factor cost, abbreviated MFC, indicates how total factor cost changes with the employment of one more input. It is found by dividing the change in total factor cost by the change in the quantity of input used. Marginal factor cost is compared with marginal revenue product to identify the profit-maximizing quantity of input to hire.
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WHITE GULLIBON
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Today, you are likely to spend a great deal of time touring the new suburban shopping complex seeking to buy either a green and yellow striped sweater vest or a Boston Red Sox baseball cap. Be on the lookout for empty parking spaces that appear to be near the entrance to a store.
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A lump of pure gold the size of a matchbox can be flattened into a sheet the size of a tennis court!
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"If you don't know where you are going, any road will get you there." -- Lewis Carroll, writer
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GDP
Gross Domestic Product
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