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VERY LONG RUN, MICROECONOMICS: A production time period in which all inputs are variable, including those under control of the firm and those beyond the control of the firm. During the very long run, not only are the labor, capital, land, and entrepreneurship inputs variable, but so too are key production inputs such as government rules, technology, and social customs. This is one of four production time periods used in the study of microeconomics. The other three are short run, long run, and very short run.
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EXPORTS Goods and services produced by the domestic economy and purchased by the foreign sector. Exports are goods sold to other countries. Exports are the counter to imports--goods produced by the foreign sector and purchased by domestic economy. Exports, together with imports, are the essence of foreign trade--goods and services that are traded among the citizens of different nations. Exports and imports are frequently combined into a single term, net exports (exports minus imports).
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PURPLE SMARPHIN
[What's This?]
Today, you are likely to spend a great deal of time watching the shopping channel seeking to buy either several orange mixing bowls or clothing for your pet dog. Be on the lookout for attractive cable television service repair people.
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Much of the $15 million used by the United States to finance the Louisiana Purchase from France was borrowed from European banks.
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"Far and away the best prize that life has to offer is the chance to work hard at work worth doing." -- Theodore Roosevelt, 26th US president
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AMW
Average Monthly Wage
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