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<strong>ACE</strong> – American Council on Education.
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Engel coefficient (D2)<br />Expenditure on food, beverages and tobacco as a proportion of final private consumption expenditure.
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<strong>Termination</strong> – withdrawal of the eligibility of a school, lender, or servicer to participate in a guarantor' s programs.

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option (G2)<br />The right to buy or sell a currency, commodity or financial asset at a specified price in a stated time period.<br /><em>See also:</em> call option; put option

Stackelberg model (Ll)<br />A model of DUOPOLY devised by Heinrich von Stackelberg in his 1934 book Marktform unter Gleichgewicht. This describes the relationship between a leading firm and a follower in their output decisions. A follower chooses the profit-maximizing output. Each firm desires to act as a follower knowing the other will do so also.
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Britannia (E5)<br />UK gold coin issued since 1987 in denominations of ?10, ?25, ?50 and ?100.

scissors diagram (D4)<br />The standard diagram of a market showing normal demand and supply curves intersecting at an EQUILIBRIUM. MARSHALL suggested this analogy.

Jones Act 1920 (L5, R4)<br />US federal CABOTAGE statute, The Maritime Marine Act', which required sea transportation of cargo and passengers between US ports to be in ships US built, US owned and US crewed. Although there is some political support for this form of protectionism, the Act is increasingly obsolete as so many goods are shipped under foreign flags.<br /><em>See also:</em> Navigation Acts

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<strong>FSA</strong> – Federal Student Aid.
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wage contour (B)<br />The connected wage rates offered by firms with INTERNAL LABOUR MARKETS to persons in the E)..'TERNAL LABOUR MARKET. These are the 'key rates' for the few jobs at which a person can enter a firm; they are connected into a contour because competing firms in the external labour market cannot get out of line with other employers' wage offers.<br /><em>Reference</em><br />Dunlop, J. J. (1957) 'The task of contemporary wage theory', in G.M. Taylor and F.C. Pierson (eds) New Concepts in Wage Determination, pp. 117-39, New York: McGraw-Hill.
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bad (D6)<br />An output from economic activity which does not benefit consumers. Most bads are external costs associated with production, e.g. pollution and other health hazards. Bads must be taken into account when measuring the welfare conferred by a particular level of the national income.<br /><em>See also:</em> economic welfare; externality; good; illth; measure of economic welfare

mean deviation (C1)<br />The sum of the differences between the numbers of a set and the ARITHMETIC MEAN of the set, divided by the number of numbers in that set, e.g. for the set 3, 4, 5, 6, 7 whose arithmetic mean is 5, the mean deviation is [(3 - 5) + (4 - 5) + (5 - 5) + (6 - 5) + (7 - 5)] divided by 5, i.e.<br /> 1.2, ignoring signs after the differences have been calculated.
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future (DO, G1)<br />An agreed contract for the sale or purchase of an ASSET, CURRENCY or COMMODITY at a future date.<br /> See also: option; spot price
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<strong>Repayment period</strong> – The period during which payments of principal and interest are required. The repayment period follows any applicable in-school or grace period (for Stafford Loans) and excludes any period of authorized deferment or forbearance.
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