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LRMC CURVE: The common abbreviation for the long-run marginal cost curve, which is the graphical representation of the relationship between long-run marginal cost and the quantity of output produced. Like other marginal curves, the long-run marginal cost curve follows the average-marginal rule relative to the long-run average cost curve. In all outward appearance, the long-run marginal cost curve looks very much like the short-run marginal cost, that is, it is U-shaped. However, the U-shape is attributable to returns to scale rather than increasing and decreasing marginal returns.
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INTERNATIONAL TRADE The exchange of goods and services among the nations of the world. Also termed foreign trade when viewed from the perspective of a given country, the international exchange of production is comparable to any exchange, except that buyers and sellers are from different countries. The study of international trade highlights an important economic principle, the law of comparative advantage, which helps to explain not only why nations engage in trade but why individuals engage in trade. A related area of study is international finance, both of which are part of the broader study of international economics.
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GRAY SKITTERY
[What's This?]
Today, you are likely to spend a great deal of time at a garage sale hoping to buy either a coffee cup commemorating the first day of spring or a printer that works with your stockpile of ink cartridges. Be on the lookout for celebrities who speak directly to you through your television.
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On a typical day, the United States Mint produces over $1 million worth of dimes.
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"Most of the things worth doing in the world had been declared impossible before they were done." -- Louis D. Brandeis, Supreme Court Justice
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EPS
Earnings Per Share
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