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HECKSCHER-OHLIN MODEL: A model of international trade developed by Eli Heckscher and Bertil Ohlin, with significant contributions by Paul Samuelson, that relies on the notion that comparative advantage is based on relative natural resource endowments. A nation with large oil reserves will, for example, have a comparative advantage in oil production over another nation with fertile soil, which will have a comparative advantage in agricultural production.
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KEYNESIAN EQUILIBRIUM The state of macroeconomic equilibrium identified by the Keynesian model when the opposing forces of aggregate expenditures equal aggregate production achieve a balance with no inherent tendency for change. Once achieved, a Keynesian equilibrium persists unless or until it is disrupted by an outside force, especially changes in autonomous expenditures.
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RED AGGRESSERINE
[What's This?]
Today, you are likely to spend a great deal of time wandering around the downtown area hoping to buy either a set of serrated steak knives, with durable plastic handles or a pair of blue silicon oven mitts. Be on the lookout for the last item on a shelf.
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This isn't me! What am I?
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Before 1933, the U.S. dime was legal as payment only in transactions of $10 or less.
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"If you worried about falling off the bike, you'd never get on. " -- Lance Armstrong, bicycle racer
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OLS
Ordinary Least Squares
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