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CAPITAL ACCOUNT DEFICIT: An imbalance in a nation's balance of payments capital account in which payments made by the country for purchasing foreign assets exceed payments received by the country for selling domestic assets. In other words, investment by the domestic economy in foreign assets is less than foreign investment in domestic assets. This is generally not a desireable situation for a domestic economy. However, in the wacky world of international economics, a capital account deficit is often balanced by a current account surplus, which is generally considered a desireable situation. If, however, the current account does not balance out the capital account, then a capital account deficit contributes to a balance of payments deficit.
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LAW OF DIMINISHING MARGINAL RETURNS A principle of short-run production stating that as a firm combines more of a variable input with a fixed input, the marginal product of the variable input eventually declines. This is THE economic principle underlying the analysis of short-run production for a firm. It offers an explanation for the law of supply and the positive slope of the market supply curve.
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WHITE GULLIBON
[What's This?]
Today, you are likely to spend a great deal of time at the confiscated property police auction seeking to buy either a blue mechanical pencil or super soft, super cuddly, stuffed animals. Be on the lookout for empty parking spaces that appear to be near the entrance to a store.
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This isn't me! What am I?
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Okun's Law posits that the unemployment rate increases by 1% for every 2% gap between real GDP and full-employment real GDP.
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"A leader is most successful when people barely know he exists. When his work is done, his aim fulfilled, his troops will feel they did it themselves. " -- Lao-Tzu, philosopher
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RTA
Regional Trading Arrangement
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