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SHORT RUN, MICROECONOMICS: In terms of the microeconomic analysis of production and supply, a period of time in which at least one input in the production process is variable and one is fixed. You should compare and contrast the short run with long-run production, very long run, and market period. In the microeconomic analysis, the short run is primarily used to analyze production decisions for a firm. In this context, the variable input is typically labor and the fixed input is capital. The short-run analysis of production reveals the law of diminishing marginal returns and provides an understanding of the upward-sloping supply curve and the law of supply.
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EXPORT SUBSIDIES Quantity restrictions imposed by the government of one nation on imports from other nations. The primary goal of export subsidies is to reduce imports and increase domestic production. Because the quantity of imports is restricted, the price of imports increases, which thus encourages domestic consumers to buy more domestic production. Export subsidies are one of three common foreign trade policies designed to discourage imports and/or encourage exports. The other two are tariffs and export subsidies.
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RED AGGRESSERINE
[What's This?]
Today, you are likely to spend a great deal of time at a crowded estate auction trying to buy either a genuine down-filled comforter or a 200-foot blue garden hose. Be on the lookout for celebrities who speak directly to you through your television.
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This isn't me! What am I?
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The penny is the only coin minted by the U.S. government in which the "face" on the head looks to the right. All others face left.
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"A people that values its privileges above its principles soon loses both. " -- Dwight Eisenhower, 34th US president
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ACIR
Advisory Council on Intergovernmental Relations
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