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PERFECT COMPETITION, LONG-RUN ADJUSTMENT: A perfectly competitive industry undertakes a two-part adjustment to equilibrium in the long run. One is the adjustment of each perfectly competitive firm to the appropriate factory size that maximizes long-run profit. The other is the entry of firms into the industry or exit of firms out of the industry, to eliminate economic profit or economic loss. The end result of this long-run adjustment is a multi-faceted equilibrium condition that price is equal to marginal cost and average cost (both short run and long run).
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BALANCE OF TRADE DEFICIT The negative difference of the value of goods and services exported out of a country less the value of goods and services imported into the country. A balance of trade deficit is the official term for negative net exports that occurs when imports exceed exports. A balance of trade deficit is also termed an "unfavorable" balance of trade because it results in a net outflow of monetary payments from the domestic economic to the foreign sector, which tends to be bad for a country. The alternative is a balance of trade surplus in which exports exceed imports.
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WHITE GULLIBON
[What's This?]
Today, you are likely to spend a great deal of time wandering around the downtown area hoping to buy either galvanized steel storage shelves or a large green chalkboard shaped like the state of Maine. Be on the lookout for infected paper cuts.
Your Complete Scope
This isn't me! What am I?
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Natural gas has no odor. The smell is added artificially so that leaks can be detected.
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"In a time of drastic change, it is the learners who inherit the future. " -- Eric Hoffer, philosopher
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FGLS
Feasible Generalized Least Squares
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