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LONG-RUN AVERAGE COST: The per unit cost of producing a good or service in the long run when all inputs are variable. In other words, long-run total cost divided by the quantity of output produced. Long-run average cost is based on economies of scale (or increasing returns to scale) and diseconomies of scale (or decreasing returns to scale).
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CURRENT ACCOUNT, BALANCE OF PAYMENTS A subset of the balance of payments accounts that tracks the flow of currency and other monetary assets in exchange for trade between one nation and other nations. It includes payments for imports and exports of both goods and services. It also includes monetary gifts or transfer payments to and from other nations. The current account is divided into three categories -- balance on merchandise trade, balance on services, and unilateral transfers. This is one of two primary subsets of the balance of payments. The other is the capital account. A deficit or surplus in the current account is matched by an opposite surplus deficit in the capital account.
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YELLOW CHIPPEROON
[What's This?]
Today, you are likely to spend a great deal of time calling an endless list of 800 numbers trying to buy either a flower arrangement in a coffee cup for your father or a how-to book on meeting people. Be on the lookout for the last item on a shelf.
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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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"The secret of getting things done is to act! " -- Dante Alighieri, poet
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DCE
Domestic Credit Expansion
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