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MANAGED FLOAT: An exchange rate that (like a floating exchange rate) is free to move up and down, but is subject to government control (like a fixed exchange rate) if it moves beyond certain boundaries. With managed float, the government steps into the foreign exchange market and buys or and sells whatever currency is necessary keep the exchange rate within desired limits. The logic behind managed float is that an unrestricted movement of exchange rates is usually pretty healthy, but serious problems in the balance of payment and balance of trade result if it floats too far in either direction.
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PRINCIPLE OF MINIMUM DIFFERENCES A principle stating that monopolistically competitive firms seek to maintain similarities between products at the same time they promote differences. Similarities enable substitutability, such that one firm can attract the buyers away from other firms. Differences enable uniqueness and market control, such that each firm has market control and is able to charge a higher price than achieved with perfect competition. This principle is also termed Hotelling's paradox.
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Pumping Up The ECONOMIC GROWTHWe need to pay another visit to Scarcity Stan's Ye Olde Bakery Shoppe and Confectionery Palace. But this is not a social visit, nor is intended for some delectable pastries that will add a few extra pounds to our waistlines. We're here on official economic business. Stan's at wits end. He doesn't know what to do. There's been so much demand for his economic pie, what with society's unlimited wants and needs, that he needs to make it bigger. Our job is to figure out how. While we're doing that, we'll also see how to put our economy on the path to economic growth.
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GRAY SKITTERY
[What's This?]
Today, you are likely to spend a great deal of time going from convenience store to convenience store looking to buy either a set of luggage with wheels or a birthday gift for your aunt. Be on the lookout for telephone calls from former employers.
Your Complete Scope
This isn't me! What am I?
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Helping spur the U.S. industrial revolution, Thomas Edison patented nearly 1300 inventions, 300 of which came out of his Menlo Park "invention factory" during a four-year period.
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"Never let the fear of striking out get in your way. " -- Babe Ruth
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R&D
Research and Development
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