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DEVALUATION: The act of reducing the price (exchange rate) of one nation's currency in terms of other currencies. This is usually done by a government to lower the price of the country's exports and raise the price of foreign imports, which ultimately results in greater domestic production. The short- and long-run consequences of devaluation are described in the entry on the J curve. A government devalues its currency by actively selling it and buying foreign currencies through the foreign exchange market.

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PERFECT COMPETITION, PROFIT MAXIMIZATION

A perfectly competitive firm is presumed to produce the quantity of output that maximizes economic profit--the difference between total revenue and total cost. This production decision can be analyzed directly with economic profit, by identifying the greatest difference between total revenue and total cost, or by the equality between marginal revenue and marginal cost.

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Ragnar Frisch and Jan Tinbergen were the 1st Nobel Prize winners in Economics in 1969.
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