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BALANCE OF TRADE DEFICIT: An imbalance in a nation's balance of trade in which the payments for merchandise imports made by the country exceed payments for merchandise exports received by the country. This is also termed an unfavorable balance of trade. It's considered unfavorable because more goods are imported into the country than are exported out, meaning that domestic production is replaced with foriegn production, which then reduces domestic employment and income. A balance of trade deficit is often the source of a balance of payments deficit.

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PROFIT CURVE: A curve that graphically represents the relation between economic profit earned by a firm and the quantity of output sold. This curve is constructed to capture the relation between profit and the level of output, holding other variables, especially those affecting the total revenue and total cost curves, constant. This is one of three methods typically used to determine the profit-maximizing quantity of output produced by a firm. The other two methods are total revenue and total cost and marginal revenue and marginal cost.

     See also | profit | perfect competition | short-run production | firm | quantity | total revenue | total cost | profit maximization | production | marginal revenue | marginal cost | profit curve, monopolistic competition | profit curve, monopoly |


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LAW OF DEMAND

The inverse relationship between demand price and the quantity demanded, assuming ceteris paribus factors are held constant. This fundamental economic principle indicates that a decrease the price of a commodity results in an increase in the quantity of the commodity that buyers are willing and able to purchase in a given period of time, if other factors are held constant. The law of demand is one of the most important principles found in the study of economics.

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