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April 25, 2018 

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LONG-RUN EQUILIBRIUM: The condition that exists for the aggregate market when the product, financial, and resource markets are in equilibrium simultaneously. This condition is made possible by flexible wages and prices and is represented by the intersection of the AD (aggregate demand) curve and the LRAS (long-run aggregate supply) curve.

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MOST-FAVORED NATION: A condition, usually as part of a trade agreement among nations (such as General Agreement on Tariffs and Trade), that ensures one country will extend its least restrictive trade barriers to another country. Suppose, for example, the good old U. S. of A. makes the Republic of Northwest Queoldiola a most-favored nation. If the United States then eliminates tariffs on sundials imported from Brazil, it must also eliminate tariffs on imported Queoldiolan sundials. Because countries have generally followed this most-favored nation system for several decades, international bickering over trade barriers has been significantly reduced. See foreign trade.

     See also | foreign trade | General Agreement on Tariffs and Trade | trade barriers | tariff | bilateral | unilateral | multilateral |


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THIRD-DEGREE PRICE DISCRIMINATION

A form of price discrimination in which a seller charges different prices to groups that are differentiated by an easily identifiable characteristic, such as location, age, sex, or ethnic group. This is the most common type of price discrimination. This is one of three price discrimination degrees. The others are first-degree price discrimination and second-degree price discrimination.

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Today, you are likely to spend a great deal of time at a dollar discount store hoping to buy either a replacement battery for your pocket calculator or a how-to book on home remodeling. Be on the lookout for strangers with large satchels of used undergarments.
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North Carolina supplied all the domestic gold coined for currency by the U.S. Mint in Philadelphia until 1828.
"The greatest things ever done on Earth have been done little by little. "

-- William Jennings Bryan

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