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FLOATING EXCHANGE RATE: An exchange rate determined through the unrestricted interaction of supply and demand in the foreign exchange market. A floating exchange rate means that a nation's government is NOT trying to manipulate currency prices to achieve some change in the exports or imports.
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PERFECT COMPETITION, EFFICIENCY Perfect competition is an idealized market structure that achieves an efficient allocation of resources. This efficiency is achieved because the profit-maximizing quantity of output produced by a perfectly competitive firm results in the equality between price and marginal cost. In the short run, this involves the equality between price and short-run marginal cost. In the long run, this is seen with the equality between price and long-run marginal cost at the minimum efficient scale of production.
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YELLOW CHIPPEROON
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Today, you are likely to spend a great deal of time strolling through a department store wanting to buy either a birthday gift for your grandmother or a T-shirt commemorating yesterday. Be on the lookout for a thesaurus filled with typos.
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The portion of aggregate output U.S. citizens pay in taxes (30%) is less than the other six leading industrialized nations -- Britain, Canada, France, Germany, Italy, or Japan.
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"How wonderful it is that nobody need wait a single moment before starting to improve the world." -- Anne Frank
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MFC
Marginal Factor Cost
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