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BALANCE OF SERVICES: The difference between funds received by a country when exporting services and the funds paid for importing services. The balance of services is one part of the current accounts portion of the balance of payments, the other is major part is the balance of trade. The balance of services is very much like the merchandise balance of trade, excepct intangible services are being exported and imported rather than tangible goods. Like the balance of trade, the balance of services can be out of balance. A balance of services surplus results if service exports exceed imports, also termed a favorable balance of services, and a balance of services deficit exists if service imports exceed exports, analogously termed an unfavorable balance of services.
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PERFECT COMPETITION, LOSS MINIMIZATION A perfectly competitive firm is presumed to produce the quantity of output that minimizes economic losses, if price is greater than average variable cost but less than average total cost. This is one of three short-run production alternatives facing a firm. The other two are profit maximization (if price exceeds average total cost) and shutdown (if price is less than average variable cost).
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PURPLE SMARPHIN
[What's This?]
Today, you are likely to spend a great deal of time looking for the new strip mall out on the highway wanting to buy either a package of 3 by 5 index cards, the ones without lines or a blue mechanical pencil. Be on the lookout for attractive cable television service repair people.
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This isn't me! What am I?
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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 time your game is most vulnerable is when you're ahead; never let up. " -- Rod Laver, Tennis player
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WLS
Weighted Least Squares
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