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VERY SHORT RUN, MICROECONOMICS: A production period of time in which at all inputs in the production process are fixed, meaning the quantity of output itself is fixed. Also termed market period, the very short run exists if the period is so short that no additional production is possible. In other words, the good has been produced, all that remains is to sell it. This is one of four production time periods used in the study of microeconomics. The other three are short run, long run, and very long run.

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UNILATERAL TRANSFERS

A subset of the balance of payments current account that records the difference between gifts or transfers received from other nations and transfers sent to other nations. In includes gifts or transfers between individuals, and perhaps more important, it includes transfers between governments. Two other subsets of the current account include the balance on merchandise trade and balance on services. Unilateral transfers are not included in the balance of trade, which is the sum of the balance on merchandise trade and the balance on services.

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