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X-INEFFICIENCY: Cost that is higher than it needs to be because a firm is operating inefficiently. This is most often seen for firms that have a great deal of market control, especially monopoly. The lack of competition allows a business to pad it's expenses, hire unneeded employees (like relatives), goof off instead of working, and all sorts of other things that lessen production and increase cost. The business is not penalized for these actions, because market control allows the company to extract whatever price is needed to cover cost.
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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 |
Recommended Citation:MOST-FAVORED NATION, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2026. [Accessed: February 12, 2026].
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SUPPLY SHOCK A disruption of market equilibrium caused by a change in a supply determinant and a shift of the supply curve. A supply shock can take one of two forms--a supply increase or a supply decrease. This is one of two disruptions of the market. The other is a demand shock.
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BEIGE MUNDORTLE
[What's This?]
Today, you are likely to spend a great deal of time driving to a factory outlet looking to buy either a rechargeable battery for your cell phone or a T-shirt commemorating the 2000 Olympics. Be on the lookout for strangers with large satchels of used undergarments.
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This isn't me! What am I?
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Al Capone's business card said he was a used furniture dealer.
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"Don't be distracted by criticism. Remember the only taste of success some people have is when they take a bite out of you." -- Zig Ziglar
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ASEAN
Association of South East Asian Nations
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