Competition, imperfect

Term applied to markets in which perfect competition does not hold because at least one seller or buyer is large enough to affect the market price and therefore causes a downward slopping demand or supply curve. Imperfect competition refers to any kind or market imperfection pure monopoly, oligopoly, or monopolistic competition.

Compensating differentials

Differences in wages rates among jobs that serves to offset or compensate for the non monetary differences of the job. For example, unpleasant jobs that require isolation for many months in Alaska pay wages much higher than those for similar jobs nearer to civilization.

Comparative advantage

In international trade. The law of comparative advantages says that a nation should specialize in producing and exporting those commodities which it can produce at relatively lower cost and that it should import those goods for which it is a relative high cost producer. Thus  it is a comparative advantage, not an absolute advantage, that should dictate trade patterns.

Command economy

A mode of economic organization in which the key economic functions what how  and for whom are principally determined by government directive. Sometimes called a centrally planned economy.

3 Steps to lead a debt-free life

By Maria Smith
Are you knee-deep in debt? Are your debt accounts being turned down to collection agencies? Are you getting warning notices from your creditors? If the answer to all these questions is yes, then perhaps you must be looking for some options that can help you get rid of debt. There are many ways to http://www.debtconsolidationcare.com/forums/clearing-debt.html">clear debt. You can easily get rid of debt by adopting some easy steps on your own, but it is often advised to take some professional help so that you can pay off your debts systematically and legitimately. Read on to know about the steps you can take to clear your outstanding debts.

1. Enroll yourself in a debt consolidation program

The best way to get rid of debt is to enroll in a debt consolidation program. In a debt consolidation program, your debt consultant will negotiate with your creditors and attempt to lower the interest rates on your credit card debts. Lower interest rate will reduce the monthly payments and thereby make it easier for you to repay your debts. The biggest benefit of paying off debts through a debt consolidation program is that you have to make a single monthly payment. Instead of writing multiple checks to multiple creditors, you just have to make a single monthly payment to the debt consolidation company. Pay off debts with the help of a debt consolidation program to help you clear debt.

2. Take help of a Debt Management Program (DMP)

Debt Management Program (DMP) is almost similar to a debt consolidation program. Here also, if you sign up with a debt management plan, then you can reap the benefits of lower interest rates, low monthly payments and you can get rid of harassing creditor calls. For using the services of a debt management program, you need to make a monthly payment to the debt management company. All your savings will be accumulated in this debt account and your debt consultant will disburse the money to your creditors when needed.

3. Go for a debt settlement

If you have no option left other than filing bankruptcy, then you may go for a debt settlement. While you go for settling your debts, your debt negotiator will consult your creditor where he may settle your debts to an amount much less than the actual outstanding amount. The cut off amount may range up to 40-60%. Generally debt settlement affects credit score to a certain extent as the creditor reports the credit bureau as “settled”. Therefore think twice before taking recourse to this option.

So, if you are looking for some easy way to clear debt, then take into account the above mentioned steps and pay off your debts in affordable monthly payments.