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SELF-CORRECTION, MARKET: The automatic process through which markets adjust from disequilibrium to equilibrium. Pointy-headed economists really like markets, even more than they like Englebert Humperdink. The reason is that markets have a built-in self correction mechanism. If a market is in equilibrium, it remains there until the cows come home. But if it's NOT in equilibrium, if it is in disequilibrium, it moves back. This means that no one (read this as government) needs to lord over markets, night and day, to ensure that they work. To reach an exchange that's mutually agreeable to both buyers and sellers, the buyers and sellers just need to be left alone (that is. laissez faire).
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INTERNATIONAL MARKET A graphical model used to analyze the trade between two nations based on the domestic markets for a particular good in each nation. The international market combines the excess demand (or import demand) from one country with the excess supply (or export supply) from another to illustrate how two nations undertake mutually beneficial trade. The international market model also can be used to analyze the impact of tariffs, import quotas, and export subsidies.
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WHITE GULLIBON
[What's This?]
Today, you are likely to spend a great deal of time waiting for visits from door-to-door solicitors looking to buy either a coffee cup commemorating the first day of winter or a video game player. Be on the lookout for malfunctioning pocket calculators.
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In the early 1900s around 300 automobile companies operated in the United States.
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"Experience keeps a dear school, but fools will learn in no other. " -- Benjamin Franklin
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EC
European Community
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