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U-SHAPED COST CURVES: The family of short-run cost curves consisting of average total cost, average variable cost, and marginal cost, all of which have U-shapes. They are U-shaped because each has high but falling cost at low quantities of output, which then reaches a minimum, then has rising cost at larger quantities of output. Although the average fixed cost curve is not U-shaped, it's occasionally included with the other three just for sake of completeness.
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BALANCE OF TRADE The difference between the value of goods and services exported out of a country and the value of goods and services imported into the country. The balance of trade is the official term for net exports that makes up the balance of payments. The balance of trade can be a "favorable" surplus (exports exceed imports) or an "unfavorable" deficit (imports exceed exports). The official balance of trade is separated into the balance of merchandise trade for tangible goods and the balance of services.
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ORANGE REBELOON
[What's This?]
Today, you are likely to spend a great deal of time driving to a factory outlet hoping to buy either a T-shirt commemorating yesterday or a pair of handcrafted oven mitts. Be on the lookout for fairy dust that tastes like salt.
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A communal society, a prime component of Karl Marx's communist philosophy, was advocated by the Greek philosophy Plato.
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"The secret of getting things done is to act! " -- Dante Alighieri, poet
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TU
Total Utility
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