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FOREIGN AID: Gifts, loans, technical assistance, and other assorted transfers from one country to another that are intended to improve conditions in the receiving nation. The U. S. has been a major player in this foreign aid game throughout much of the twentieth century. However, most of the more developed countries of the world give aid to the lesser developed ones.

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VERY LONG RUN: A period of time in which all inputs in the production process are variable and the technology and assorted social institutions affecting production can change. You should compare very long run with long run and production, short run and production, and market period.

     See also | fixed input | variable input | technology | short-run production | long-run production | very long run |


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VERY LONG RUN, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2025. [Accessed: July 18, 2025].


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CLASSICAL ECONOMICS

A theory of economics, especially directed toward macroeconomics, based on the unrestricted workings of markets and the pursuit of individual self interests. Classical economics relies on three key assumptions--flexible prices, Say's law, and saving-investment equality--in the analysis of macroeconomics. The primary implications of this theory are that markets automatically achieve equilibrium and in so doing maintain full employment of resources without the need for government intervention. Classical economics emerged from the foundations laid by Adam Smith in his book An Inquiry into the Nature and Causes of the Wealth of Nations, published in 1776. Although it fell out of favor in the 1930s, many classical principles remain important to modern macroeconomic theories, especially aggregate market (AS-AD) analysis, rational expectations theory, and supply-side economics.

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Today, you are likely to spend a great deal of time strolling around a discount warehouse buying club hoping to buy either a case for your designer sunglasses or arch supports for your shoes. Be on the lookout for crowded shopping malls.
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Rosemary, long associated with remembrance, was worn as wreaths by students in ancient Greece during exams.
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