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DEBTOR NATION: A nation that owes more to foreign governments, businesses, and consumers than foreigners owe to domestic governments, businesses, and consumers. The United States, having been a creditor nation for many decades, has now achieved the status of debtor nation. This sort of thing happens when exports are less than imports, creating a deficit in the current account of the balance of payments and thus a surplus in the capital account.
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Lesson 5: Demand | Unit 5: Scarcity
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Page: 19 of 20
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Demand is closely related to the scarcity problem, especially unlimited wants and needs.- Scarcity arises because society has limited resources but unlimited wants and needs.
- The connection between demand and scarcity is:
- The demand side of the markets comes directly from the unlimited wants and needs side of the scarcity problem, and
- The supply side of the market comes from the limited resources side of the scarcity problem.
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AVERAGE FACTOR COST CURVE, MONOPSONY A curve that graphically represents the relation between average factor cost incurred by a firm for employing an input and the quantity of input used. Because average factor cost is essentially the price of the input, the average factor cost curve is also the supply curve for the input. The average factor cost curve for a firm with no market control is horizontal. The average factor cost curve for a firm with market control is positively sloped.
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The earliest known use of paper currency was about 1270 in China during the rule of Kubla Khan.
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"Divide each difficulty into as many parts as is feasible and necessary to resolve it." -- Rene Descartes
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EOE
European Options Exchange
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