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Discrete time the division of time into indivisible units. In economic models, these units represent periods, such as days, quarters or years . • diseconomies of scale similar to economies of scale, but with the implication that they are negative, so larger scale would increase the cost per unit. m. beyond the minimum I-- point of tho long run --r- t-- average cost curve - I I I disintermediation the prevention of banks from flowing money from savers to borrowers as an effect of regulations. dismal science refers to economics, which because it is so often used in reference totradeoffs, is widely thought to be depressing to study.

O n o m u s = = = = = = = II factor space I Fed Funds Rate 64 II "'----------~= * • factor space a graph in which the axis measure the quantities of factors . • factor-price space a graph with factor prices on the two axis. • factor-saving disproportionately in favour of using less of a particular factor. • factor-using biased in favour of using more of a particular factor. I loading onto a ship. fast track a procedure adopted by the US Congress, at the request of the President, committing it to consider trade agreements without amendment.

Excess demand for that good. - exchange market - excess profit 1. the market on which national the profit of a firm over and I currencies are exchanged for above what provides its owners one another. with a normal return to capital. 2. the actual exchange market, _ excess reserves ~ which exists primarily among the difference between the I large international banks. Othamount of cash which a bank I ers, who wish to exchange currencies, do it through these 111 _ _ _ I banks . IIn_~03~~ wlsnes or IS reqwrea to nolO, I 3.

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