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IMPORT QUOTA: A limit on the importation of a particular good brought into one country from another country. An import quota, for example, would stipulate something like only X million pounds of swiss cheese can be imported into the United States from Switzerland each year. Such import quotas are a popular type of nontariff barrier imposed by countries throughout the world, competing with tariffs as the number one trade restriction. The general justification for import quotas is to protect domestic firms and industries from unfair competition by foreign companies. While this can be needed, import quotas are frequently used by oligopoly firms, with significant political influence to limit competition and maintain market control.
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RESOURCE PRICE, AGGREGATE SUPPLY DETERMINANT One of three categories of aggregate supply determinants assumed constant when the aggregate supply curve is constructed, and which shifts the aggregate supply curve when it changes. An increase in a resource price causes a decrease (leftward shift) of the short-run aggregate supply curve. A decrease in a resource price causes an increase (rightward shift) of the short-run aggregate supply curve. The other two categories of aggregate supply determinants are resource quantity and resource quality. Specific determinants falling into this general category include wages and energy prices. Anything affecting the prices paid for the use of labor, capital, land, and entrepreneurship is also included.
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PURPLE SMARPHIN
[What's This?]
Today, you are likely to spend a great deal of time visiting every yard sale in a 30-mile radius trying to buy either clothing for your pet dog or an ink cartridge for your printer. Be on the lookout for fairy dust that tastes like salt.
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The standard "debt" notation I.O.U. does not mean "I owe you," but actually stands for "I owe unto..."
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"Our vision controls the way we think and, therefore, the way we act . . . The vision we have of our jobs determines what we do and the opportunities we see or don't see. " -- Charles Koch, executive
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IRR
Internal Rate of Return
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