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TERMS OF TRADE: The quantity of one good that's given up to get another. Terms of trade is usually applied to foreign trade, although it's just as applicable to any sort of exchange. Terms of (foreign) trade are said to improve when one country gives up a relatively smaller quantity of their stuff to get a relatively larger quantity of another country's stuff. Terms of trade depend on the relative productivity of two countries and is reflected by exchange rates.
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MODEL: An abstract representation of the real world that is usually based on scientific theories, principles, and hypotheses. The feature of a model that bears emphasizing is that it is an abstract representation of real world phenomenon. For economic models, this abstraction usually takes the form of words, graphs, or equations. See also | abstraction | abstraction methods | economic analysis | theory | scientific method | phenomenon | market | demand curve | supply curve | price | quantity |
Recommended Citation:MODEL, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2025. [Accessed: December 14, 2025].
AmosWEB Encyclonomic WEB*pedia:Additional information on this term can be found at: WEB*pedia: model
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AGGREGATE DEMAND DECREASE, LONG-RUN AGGREGATE MARKET A shock to the long-run aggregate market caused by a decrease in aggregate demand resulting in and illustrated by a leftward shift of the aggregate demand curve. A decrease in aggregate demand in the long-run aggregate market results in an increase in the price level but no change in real production. The level of real production resulting from the aggregate demand shock is full-employment real production.
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BLUE PLACIDOLA
[What's This?]
Today, you are likely to spend a great deal of time at an auction seeking to buy either several magazines on fashion design or a package of 3 by 5 index cards, the ones without lines. Be on the lookout for letters from the Internal Revenue Service.
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More money is spent on gardening than on any other hobby.
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"In order to create there must be a dynamic force, and what force is more potent than love." -- Igor Stravinsky, violinist
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HIP
Health Insurance Plan
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