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July 18, 2025 

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BANK FOR INTERNATIONAL SETTLEMENTS: The Bank for International Settlements (BIS) is an international organization which fosters cooperation among central banks and other agencies in pursuit of monetary and financial stability. Established in 1930, the BIS is the world's oldest international financial organization. The head office is in Basel, Switzerland and there are two representative offices: in the Hong Kong, China and in Mexico City. As its customers are central banks, the BIS cannot accept deposits from, or provide financial services to, private individuals or corporate entities.

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FULL EMPLOYMENT: In principle, this is when all of our economy's resources are being used to produce output. This is one of the five economic goals, specifically one of the three macro goals (the other two are economic growth and stability). In practice, our economy is considered to be at full employment when the unemployment rate is around 5 to 5 1/2 percent and the capacity utilization rate is about 85 percent. This unemployment rate includes structural and frictional unemployment.

     See also | economic goals | macro goals | stability | economic growth | frictional unemployment | structural unemployment | unemployment rate | capacity utilization rate | full-employment budget | full-employment real production |


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LONG-RUN INDUSTRY SUPPLY CURVE

The relation between market price and the quantity supplied by all firms in a perfectly competitive industry after the industry has completed its long-run adjustment. The long-run industry supply curve effectively traces out a series of equilibrium prices and quantities that reflect long-run adjustments of a perfectly competitive industry to demand shocks. This long-run adjustment can take one of three paths, indicating an increasing-cost industry, a decreasing-cost industry, and a constant-cost industry.

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