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SHORT-RUN SUPPLY CURVE, MONOPOLISTIC COMPETITION: Market control by a monopolistically competitive firm means that it does not have a supply relation between the quantity of output produced and the price. By way of comparison a perfectly competitive firm DOES have a short-run supply curve. The small amount of market control by a monopolistically competitive firm means that its' price is NOT equal to marginal revenue, and thus it does NOT equate marginal cost and price. As such, a monopolistically competitive firm does not move along it's marginal cost curve. A monopolistic competition does not necessarily supply larger quantities at higher prices or smaller quantities at lower prices.
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BALANCE OF PAYMENTS A comprehensive set of accounts that tracks the flow of currency and other monetary assets coming in to and going out of a nation. These payments are used for international trade, foreign investments, and other financial activities. The balance of payments is divided into two accounts -- current account (which includes payments for imports, exports, services, and transfers) and capital account (which includes payments for physical and financial assets). A deficit in one account is matched by a surplus in the other account. The balance of trade is only one part of the overall balance of payments set of accounts.
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BLUE PLACIDOLA
[What's This?]
Today, you are likely to spend a great deal of time looking for a downtown retail store seeking to buy either several magazines on home repairs or a remote controlled sports car with an air spoiler. Be on the lookout for cardboard boxes.
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This isn't me! What am I?
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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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"The less secure a man is, the more likely he is to have extreme prejudices. " -- Clint Eastwood, actor, director
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SWIFT
Society for Worldwide Interbank Financial Telecommunications
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