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<strong>Gift aid</strong> – Financial aid that does not have to be repaid, including grants and scholarships.
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household decision making (D1)<br />Choices reflecting individual tastes and influenced by taxation which determine behaviour in product and factor markets. The major decisions made are the choices between work and leisure, and between saving and spending, as well as about gifts and the composition of assets. Such analysis is crucial to an understanding of LABOUR FORCE PARTICIPATION and the CONSUMPTION FUNCflON, as well as being the basis of much of neoclassical theorizing.<br /><em>See also:</em> labour force participation rate; neoclassical economics
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Council for Mutual Economic Aid (FO) The intergovernmental council 'Comecon' of the USSR, Bulgaria, Czechoslovakia, Hungary, Poland and Romania established in 1949, which promoted mutual international trade and the co-ordination of national economic plans. (Albania joined in 1949, East Germany in 1950, Mongolia in 1962 and Vietnam in 1978; Romania weakened its ties in 1973 by making separate agreements with the European Community; Yugoslavia became an associate member in 1964; China and North Korea enjoyed observer status from 1964.) It was established by Stalin to provide a socialist 'market' to oppose the world-wide capitalist market - hence Comecon was called 'the Russian MARSHALL PLAN'. To Comecon were added the INTERNATIONAL BANK FOR ECONOMIC CO-OPERATION and the INTERNATIONAL INVESTMENT BAN K as alternatives to the INTERNATIONAL MONETARY FUND. Initially, Comecon agreed on general goals for trade and technical assistance which led to the joint organization of scientific research, technical assistance in the building of industrial plants and the development of mineral resources. In 1954, a step was made towards economic integration by the co-ordination of five-year plans and in 1955 production priorities for member states were established. Multilateral trade agreements were recommended, as was the co-ordination of energy policies. Although in 1961 'Basic Principles' for the long-term plans of member countries were drawn up, Soviet proposals the following year for a single plan and a single planning authority were rejected as being an encroachment on national sovereignty. The International Bank for Economic Co-operation was chartered in 1963 to arrange multilateral
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