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long period (DO)<br />1 The period in which all adjustments have been made to a price change.<br /> 2 The period in which supply is very ELASTIC as a great expansion in the quantities of factors of production is possible.<br /><em>See also:</em> Marshallian long period

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<strong>Bright Flight Scholarship Program</strong> – A Missouri state merit-based scholarship program administered by the MDHE and within the FAMOUS system. The official program name within Missouri statutes is the Higher Education Academic Scholarship Program. More information is available at: http://www.dhe.mo.gov/brightflight.shtml.

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Goods and services accounts Production account Generation of income account Distribution of income account Use of income account Capital account Financial account.
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<strong>GP</strong> – Guarantee and Print, a type of application process flow within the FFEL Program and outlined in CommonLine file specifications. In a “GP” process flow, the school submits loan application information to the guarantor for guarantee. After the loan is guaranteed, either a paper MPN is mailed to the borrower for completion or the application is made available online for the borrower to complete and sign.
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level of significance (C1)<br />The maximum probability at which a Type I error is risked. Usually the levels chosen are 0.01 (1 per cent) or 0.05 (5 per cent).
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<strong>Automated Clearinghouse (ACH)</strong> – An overnight method of transferring funds electronically via the Federal Reserve.
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<strong>COOL</strong> – College Opportunities OnLine, a college locator tool offered online by the U.S. Department of Education' s National Center for Education Statistics. The site is located at the following url: http://www.nces.ed.gov/ipeds/cool/.
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<strong>CL</strong> – CommonLine, the FFEL Program industry' s standards by which loan and borrower information is electronically gathered, stored, and transmitted via a flat file. CommonLine file specifications are agreed to by the industry' s Electronic Standards Committee (ESC) and may be retrieved from the NCHELP e-library at www.nchelp.org.
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profession (J2)<br />An occupation requiring a considerable period of education and training. The original professions were in medicine, the Jaw, the church, the army and the universities. In the nineteenth century many occupations acquired the status of a profession by the founding of institutes to arrange examinations, certify competence and regulate behaviour. After 1900 in many countries the expansion of universities increased the supply of entrants to professions and eroded their pay differential with other occupations reducing the private rate of return to HUMAN CAPITAL. Also professional pay has lagged behind other salaries as much professional employment is in the public sector.
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delta stock (G1)<br />The least traded stocks and shares which are not quoted on the STOCK EXCHANGE AUTOMATED QUOTATION SYSTEM.
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binomial charge (D4)<br />A TWO-PART TARIFF consisting of a fixed payment that allows a consumer access to the service and variable payments related to the use made of the service, e.g. a telephone rental and telephone call charges.<br /><em>See also:</em> price discrimination

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moving averages (C1, E3)<br />A method of smoothing the fluctuations in a time series by calculating a series of ARITHMETIC MEANS. This is regularly used to eliminate seasonal fluctuations, e.g. a twelve-month moving average is calculated for January by dividing the sum of the values for January to December by 12, for February by dividing the sum of the values for the twelve months from February to the following January by 12, and so forth.

arbitration (J5)<br />Settlement of a dispute by referral to a third party, used in industrial relations and in many commercial disagreements. The arbitrator may be a court of law, an independent arbitrator chosen by the parties in dispute or a permanent government body, e.g. the ADVIS ORY, CONCILIATION AN D ARBITRATION SERVICE (UK). As arbitration is either voluntary or imposed, it can be binding, compulsory, mandatory or unilateral. Landlord and tenant, shipping and building contracts often use this method of resolving conflicts. Private arbitration, which may be instituted in advance by a contractual term, is cheaper and quicker than resort to litigation.<br /><em>See also:</em> pendulum arbitration

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resource economics (Q2, Q3)<br />The economic analysis of environmental

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<strong>Electronic Funds Transfer (EFT)</strong> – The transfer of funds via an electronic method such as wire, which is realtime, or Automated Clearinghouse (ACH), an overnight process.

optimum tariff (Fl, F3)<br />1 The tariff that will maximize the economic welfare of a country. Providing it is a large economy and the elasticity of supply is less than infinite, through changing the TERMS OF TRADE by imposing a ta riff it is possible to have increased revenue from trade despite its lower volume.<br /> 2 A TARIFF that increases a country's welfare by maximizing the return to its potential MONOPOLY or MONOPSONY power. This ta riff must be set at that rate which equalizes the social benefit and social cost of the marginal import. Optimum ta riffs have been recommended for less developed countries with a substantial monopoly in their export trade. If the optimum tariff is zero, then there is a strong case for FREE TRADE. Corden refers to an 'orthodox optimum tariff' as an export tax which changes the TERMS OF TRADE as the tax rest ricts exports and raises their prices.<br /> <br /><em>Reference</em><br />Corden, W.M. (1974) Trade Policy and Economic Welfare, Oxford: Clarendon Press.
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