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ALLOCATION: The process of distributing resources for the production of goods and services, and of distributing goods and services for consumption by households. This process of allocation is essential to an economy's effort to address the problem of scarcity. An allocation is efficient if the resources, goods, and services are distributed according to the economy's highest valued uses.
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INTERNATIONAL TRADE: The economic interaction among different nations involving the exchange of goods and services, that is, exports and imports. The guiding principle of international trade is comparative advantage, which indicates that every country, no matter their level of development, can find something that it can produce cheaper than another country. International finance, the study of payments between nations, is a related area of international economics. A summary of international trade undertaken by a particular nation is given with the balance of trade. See also | international economics | international finance | balance of trade | comparative advantage | foreign trade | export | import |
Recommended Citation:INTERNATIONAL TRADE, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2021. [Accessed: April 13, 2021].
AmosWEB Encyclonomic WEB*pedia:Additional information on this term can be found at: WEB*pedia: international trade
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FULL EMPLOYMENT, PRODUCTION POSSIBILITIES Full employment is the condition that exists when all available resources are engaged in the production of goods and services. In other words, all resources that could be used for production are being used. This is indicated in production possibilities analysis by producing a combination of goods that places the economy on the production possibilities curve.
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YELLOW CHIPPEROON
[What's This?]
Today, you are likely to spend a great deal of time browsing through a long list of dot com websites trying to buy either a how-to book on home repairs or a large, stuffed kitty cat. Be on the lookout for poorly written technical manuals.
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Lombard Street is London's equivalent of New York's Wall Street.
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"Education is the ability to listen to almost anything without losing your temper or your self-confidence. " -- Robert Frost
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FASB
Financial Accounting Standards Board
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