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COMPANY: An organization, usually consisting of more than one person, that combines resources for the production and supply of goods and services. The term company is generally used synonymously with other terms such as business, firm, and enterprise. If a distinction exists, company is used in reference to a group of people engaged in production (as opposed to a single person).
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LONG RUN, MACROECONOMICS: In terms of the macroeconomic analysis of the aggregate market, a period of time in which all prices, especially wages, are flexible, and have achieved their equilibrium levels. This is one of two macroeconomic time designations; the other is the short run. Long-run wage and price flexibility means that ALL markets, including resources markets and most notably labor markets, are in equilibrium, with neither surpluses nor shortages. Wage and price flexibility and the resulting resource market equilibria are the reason for the vertical long-run aggregate supply curve. See also | long run | macroeconomics | aggregate market | long-run aggregate market | equilibrium | flexible prices | product markets | financial markets | resource markets | labor market | shortage | surplus |
Recommended Citation:LONG RUN, MACROECONOMICS, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2026. [Accessed: July 22, 2026].
AmosWEB Encyclonomic WEB*pedia:Additional information on this term can be found at: WEB*pedia: long run, macroeconomics
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PRINCIPLE OF MINIMUM DIFFERENCES A principle stating that monopolistically competitive firms seek to maintain similarities between products at the same time they promote differences. Similarities enable substitutability, such that one firm can attract the buyers away from other firms. Differences enable uniqueness and market control, such that each firm has market control and is able to charge a higher price than achieved with perfect competition. This principle is also termed Hotelling's paradox.
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There were no banks in colonial America before the U.S. Revolutionary War. Anyone seeking a loan did so from another individual.
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"You can't build a reputation on what you are going to do." -- Henry Ford, automaker
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GNMA
Government National Mortgage Association
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