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labour supply (J2)<br />The supply of persons, hours or effort for the production of goods and services. The labour supply includes both those employed and those not employed but desirous of being so. More persons are supplied through increases in the population (NATURAL INCREASE or by IMMIGRATION) and through increases in LABOUR FORCE PARTICIPATION RATEs; more hours are typically supplied through overtime working; more effort is encouraged by productivity-based bonus schemes.<br /><em>See also:</em> labour force
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cab rank rule (J4)<br />The customary regulation that UK barristers must accept a brief appropriately priced if it is within their competence.<br /> cadastral survey (H2)<br />A survey of the ownership, extent and value of land usually undertaken for taxation purposes.

economic development (01) see development

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bid rent (Q2)<br />The amount of money a household will offer a landowner for space to provide a particular level of UTILITY.<br /><em>Reference</em><br />Wheaton, W (1977) 'A bid rent approach to housing demand', Journal of Urban Economics 4: 200-17.
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optimum quantity of money (E4)<br />The quantity of money associated with a nominal rate of interest of zero and maximum consumer welfare. This can only be adopted as a policy if there is a model of how money is used in a national economy.<br /> <br /><em>Reference</em><br />Bewley, T. (1983) 'A difficulty with the optimum quantity of money', Econometrica 51: 1485-1504.<br /> Friedman, M. (1969) The Optimum Quantity of Money and Other Essays, Chicago: Aldine.

<strong>Reinstatement (of borrower Title IV eligibility)</strong> – A process by which a borrower with a defaulted FFEL Program loan may regain eligibility for Title IV aid by adhering to strict repayment requirements.

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& L (E4)<br />A measure of the US money supply consisting of M3 + non-bank public holdings of US savings bonds + short-term treasury securities + commercial paper + bankers' acceptances (net of money mutual market fund holdings of these assets).
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Donovan Commission (UK) (J5)<br />The Royal Commission on Trade Unions and Employers' Associations of 1965 - 68 chaired by Lord Donovan. It concluded that the UK had two systems of industrial relations: a formal system with industrywide collective agreements on pay, hours of work and other employment conditions; and an informal system at the factory level setting earnings supplements to national wage rates and causing WAGE DRIFT and unofficial strikes to enforce workers' demands. This dual system was partly the consequence of FULL EMPLOYMENT in the UK in the 1950s and 1960s. To remedy these faults in the INDUSTRIAL RELATIONS system, the Donovan Commission recommended the limitation of industry-wide agreements to matters which could be regulated effectively at the industry level and the introduction of factory agreements to replace informal understandings.<br /><em>See also:</em> shop steward <br /><em>Reference</em><br />Royal Commission on Trade Unions and
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<strong>State Student Financial Aid Committee</strong> – A committee of Missouri financial aid administrators established in February of 2005 to make recommendations to improve and strengthen the Missouri student financial assistance programs. (Formerly known as “the state aid program task force.” )

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administered pricing (D4, M2)<br />The practice of setting prices according to a formula, irrespective of the short-run forces of demand and supply. This is possible because of the market power of monopolistic and oligopolistic firms. As it is expensive to change prices (e.g. new catalogues have to be printed) and as there is always the possibility of adverse consumer reaction, there is a tendency for prices to be more rigid when administered. As part of an anti-inflation programme, especially in wartime, governments will administer major prices, the prices of goods and services prominent in most consumers' budgets; in these circumstances the rules for increasing prices are strictly laid down. Most administered prices are calculated by adding a profit margin to AVERAGE COST.<br /><em>See also:</em> mark-up pricing <br /><em>Reference</em><br />Means, G.C. (1935) 'Industrial prices and their relative inflexibility', Senate Document No. 13, Washington, DC: US Government Printing Office.

classical classical fallacy (J3)<br />The view that CIRCULATING CAPITAL by creating a wage fund improves wages and increases the demand for labour but FIXED CAPITAL does not. SAM U ELSON asserted that this view makes the mistake of identifying the wage fund with the whole of circulating capital and ignores the contribution of fixed capital to the growth of REAL WAGES.<br /><em>Reference</em><br />Samuelson, PA. (1994) 'The Classical Classical Fallacy', Journal of Economic Literature, 32: 620-39.
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<strong>Application Send File</strong> – The CommonLine file type used to send application information to guarantors and/or other entities so that FFEL Program loans may be guaranteed and disbursed.

<strong>Award</strong> – Schools award, or “package,” student aid for each year for students. Once the aid is awarded, schools send award letters to students indicating the type(s) and amount(s) of financial aid awarded for the year. (Under 34 CFR 668.16(h), the school is required to provide information about the sources and amounts of aid offered.) The financial aid award may also be referred to as the “financial aid package.”
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<strong>Claim</strong> – The process by which the lender or holder requests reimbursement from the guarantor for a FFEL Program loan due to the borrower' s default, loss of eligibility, or qualification for forgiveness or discharge.
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<strong>FAT</strong> – Financial Aid Transcript, an official record of federal financial aid a student has received at schools the student previously attended.
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currency swap (F3)<br />A capital market exchange of a loan in one currency for a loan in another, e.g. a fixed interest dollar loan for a floating interest loan in Swiss francs.

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