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08-01-2011, 07:27 PM
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#1
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managerial models of the firm (L2) Explanations of the behaviour of a FIRM according to its dominant aims. The various aims assumed include sales maximization, PROFIT MAXIMIZATION, MANAGERIAL UTILITY FUNCTION MAXIMIZATION and maximization, of the rate of growth of the firm. It has been argued that the passing of the control of firms from shareholders to managers has been responsible for a change of aims. However, some Marxists argue that the aims of firms essentially remain the same as shareholders and managers have similar socioeconomic backgrounds.<br /><em>Reference</em><br />Marris, R. (1964) The Economic Theory of Managerial Capitalism, London: Macmillan.
<strong>CFR</strong> Code of Federal Regulations. The regulations from the U.S. Department of Education relating to the federal student aid programs are codified in Volume 34. Part 668 governs the student assistance general provisions. Part 682 regulates the FFEL Program.
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industrial training grant (I2, J2)<br />A payment made by central government or by a fund financed by the firms of an industry to pay for vocational training. Without such grants it would be difficult for many small firms to finance adequate training and there would be a tendency for firms undertaking little training to attempt to acquire trained workers by paying above-market wage rates. In a period of great technological change, industrial training has become central to the survival and successful future of many firms.<br /><em>See also:</em> general training
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08-01-2011, 11:32 PM
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<strong>SLAP</strong> St. Louis area group of financial aid professionals.
<strong>MODEL Direct</strong> A web loan delivery product offered by the MDHE and developed by ASA, the MDHE' s servicer. MODEL Direct allows schools and lenders to inquire on loans or borrowers, submit change transactions, manage files, and guarantee new loans within a real-time environment. See http://www.dhe.mo.gov/model.shtml for more information.
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apprenticeship (J2)<br />A period of training in a firm which enables a trainee to learn a craft under the supervision of a skilled worker. The trade to trade and country to country.<br /> Adam SMITH noted that in ancient times the period was commonly seven years, even in universities for studying for a Master of Arts degree. Apprenticeships have long provided technological education and transmitted sophisticated manual skills from one generation to another. But critics have viewed them as a union restrictive practice for they have been used to limit the number in a trade, and hence to increase average earnings. Recurrent skilled labour shortages in engineering have been attributed to the system.
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08-02-2011, 03:44 AM
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#3
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microcredit (G2, 01)<br />Small loans used to encourage small businesses in developing countries such as Bangladesh.
<strong>AL</strong> Alternative loan, the CommonLine loan type code used to identify any non federal student loan, also referred to as private loan.
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08-02-2011, 02:04 PM
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#4
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<strong>Cure</strong> Reinstatement of a loan' s guarantee upon completion of a prescribed series of loan collection activities. Also defined as the process by which the loan' s guarantee is reinstated.
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08-02-2011, 09:22 PM
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08-02-2011, 09:45 PM
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<strong>Recognized equivalent of a high school diploma</strong> A recognized equivalent of a high school diploma may be a GED certificate, the academic transcript of a student who has successfully completed a 2-year program of study acceptable toward a bachelor' s degree, or has obtained other state certifications/requirements.
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growth of total output, that the growth of manufacturing output is a powerful cause of the growth of the productivity of manufacturing industry and that a faster rate of growth of manufacturing output is positively related to the rate of industrial labour mobility from non-manufacturing to manufacturing industry.<br /><em>See also:</em> Verdoorn's law <br /><em>Reference</em><br />Thirlwall, A.P (1987) Nicholas Kaldor, ch.<br /> 7, Brighton: Wheatsheaf.
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<strong>MASFAP</strong> Missouri Association of Student Financial Aid Personnel. May be found on the world wide web at www.masfap.org.
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08-02-2011, 11:41 PM
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#7
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market share (Ll, M3)<br />The proportion of the sales of an industry sold by a particular firm or group of firms. This share is the basis of the concept of an AGGREGATE CONCENTRATION ratio and is often used as a major managerial goaL
direct utility function (DO)<br />A consumer's utility related to the quantities of goods consumed.<br /> See also: indirect utility function dirigisme (L5)<br />State intervention in society and direction of the economy as practised in France from the seventeenth century.<br /> See also: Colbertism; mercantilism dirty float (F3)<br />An exchange rate regime which, for the most part, is dominated by market forces but occasionally has interference by governments and central banks to prevent an excessive fluctuation in the value of a currency.<br /> See also: floating exchange rate disappointment aversion (DO, G1)<br />Being willing to suffer more pain from a loss than receiving pleasure from gammg the same amount. This aversion causes many people to prefer the high probability of a small loss in a lottery to the low probability of a high loss through investing in EQUITIES.<br /><em>Reference</em><br />Gul, F. (1991) 'A theory of disappointment aversion', Econometrica 59: 667-86.
<strong>EDE</strong> Electronic Data Exchange, a federal system for institutions to electronically transmit, receive, and correct application data, package student awards, and transmit Federal Pell Grant and direct loan information.
<strong>Administrative Wage Garnishment (AWG)</strong> Process by which federal student loan holders may withhold a portion of a borrower' s wages after a loan is in default.
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08-03-2011, 09:20 PM
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#8
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<strong>Promissory note</strong> A legally binding agreement the borrower signs, or e-signs, to obtain a loan under the FFEL Program. The current promissory note format in place is referred to as an MPN, which allows the borrower to obtain multiple loans for multiple years of school using the same promissory note.
creative accounting (M4)<br />The manipulation of the accounts of a firm or other enterprise to produce a more favourable picture of its financial state. Profits are made to appear higher to induce a rise in the company's share price; costs are inflated to justify product price increases. A variety of methods can be used, e.g. changing the method of allocating expenses, changing the valuation of assets and using more convenient exchange rates than those ruling at the time of the transaction. Some of these practices are within the rules of company law; others are so questionable as to amount to deception. UK local authorities in the 1980s used many devices to increase their spending, including selling their principal buildings and leasing them back, barter (e.g. exchanging council land for a new building), rescheduling debts and capitalizing current expenditure (e.g. including ing of entrepreneurs employing new products and new processes to supplant the old.<br /> <br /><em>Reference</em><br />Schumpeter, J.A. (1976) Capitalism, Socialism and Democracy, 5th edn, New York: Harper; London: Allen & Unwin.
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<strong>FFY</strong> Federal Fiscal Year, the period of October 1st through September 30th.
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08-03-2011, 11:20 PM
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#9
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<strong>Title IV</strong> The section of the Higher Education Act of 1965, as amended, that authorizes federal student loan, work, and grant programs.
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<strong>MOBIUS</strong> Missouri Bibliographic Information User system, a consortium of academic libraries. May be found on the world wide web at http://mobius.missouri.edu/.
chaebol (LO, M1)<br />Korean group of giant companies controlled by a family-owned holding company.<br /> See also: zaibatsu
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08-04-2011, 12:43 PM
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#10
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misintermediation (GO)<br />Mismatching the maturities of assets and liabilities by banks and other financial intermediaries who borrow short and lend long. The consequences of this are financial instability and the possibility of increased fluctuations in an economy.<br /><em>See also:</em> disintermediation; intermediation; maturity mismatch; term structure of interest rates <br /><em>Reference</em><br />McCulloch, J.H. (1981) 'Misintermediation and macroeconomic fluctuations', Journal of Monetary Economics 8(July): 103-15.
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<strong>Source, The</strong> MDHE' s Guide to grants, scholarships, loans and more-Outlines all of the state student financial assistance programs. This publication and all publications published by the MDHE can be requested on the Publications Order Form: http://www.dhe.mo.gov/publicationsorderform.shtml.
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national income (EO)<br />1 The money value of the goods and services resulting from the economic activities of the residents of a country over a time period, usually of a quarter or whole year.<br /> 2 A monetary flow showing net additions to wealth.<br /> 3 The sum of FACfOR INCOMES.<br /> 4 The net national product (gross national product less depreciation) because income is a FLOW coNCEPT showing net additions to wealth over a time period. <br />Different countries have varying views on what constitutes 'an economic activity' so differ in what they include in their national income accounts. However, there is conceptual accord that national income, national product and national expenditure are identical because there is in every economy a CIRCULAR FLOW of income: an economic activity produces an output which, when sold, constitutes expenditure and creates incomes for the factors of production that have made it. The national income at market prices includes in the valuation of economic activities indirect taxes net of subsidies; the valuation at factor cost does not.<br /> Rough estimates of the national income were made as early as the seventeenth century by PETIY and Gregory King, but fairly accurate national income accounting is a product of the macroeconomic revolution in economic thinking in the 1930s: CLARK and STONE in the UK and KUZNETS in the USA laid the foundations for today's national accounting. International comparisons of different countries' national incomes should be treated with caution. Apart from different statistical conventions from country to country, there is also the problem of translating income estimates in one currency into those of another, often the US dollar. In general, measures of the national income usually exclude non-market activities, leisure and environmental social costs, making them inaccurate as measures of ECONOMIC WELFARE.<br /><em>See also:</em> accounts; European system of accounts; measure of economic welfare; National Income and Product Accounts; net economic welfare; physical quality of life; purchasing power parity; System of National Accounts <br /><em>Reference</em><br />Beckerman, W. (1966) International Comparisons of Real Income, Paris: OECD.<br /> - (1980) An Introduction to National Income Analysis, 3rd edn, London: Weidenfeld & Nicolson.<br /> Kravis, LB. (1978) International Comparisons of Real Product and Purchasing Power, Baltimore, MD: published for the World Bank by Johns Hopkins University Press.<br /> Shaikh, A.M. and Tonak, EA (1994) Measuring the wealth of nations: the political economy of national accounts, Cambridge, New York and Melbourne: Cambridge University Press.<br /> United Nations International Comparison Project (1978) Phase II.
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