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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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PERFECT COMPETITION, TOTAL ANALYSIS A perfectly competitive firm produces the profit-maximizing quantity of output that generates the greatest difference between total revenue and total cost. This total approach is one of three methods that used to determine the profit-maximizing quantity of output. The other two methods involve the direct analysis of economic profit or a comparison of marginal revenue and marginal cost.
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YELLOW CHIPPEROON
[What's This?]
Today, you are likely to spend a great deal of time searching the newspaper want ads hoping to buy either a bookshelf that will fit in your closet or a birthday greeting card for your grandfather. Be on the lookout for broken fingernail clippers.
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Before 1933, the U.S. dime was legal as payment only in transactions of $10 or less.
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"Nobody can be successful unless he loves his work. " -- David Sarnoff, TV pioneer
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UTP
Unfair Trade Practice
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