Agency Costs

The costs incurred to ensure that agents and managers act in the best interest of the principal. For example, reward to managers as a percentage of profit. Source” Global Edge glossary of terms. Available on http://globaledge.msu.edu/reference-desk/glossary

African Union (AU)

The African Union is an organization for regional, social and economic cooperation. It consists of 53 member nations in Africa and was derived from the OAU (Organisation of African Unity). Its goal is to unify Africa and promote peace, security, Read More …

Absolute Advantage

An absolute advantage exists when a nation or economic region is able to produce a good or service more efficiently (using the same amount of resources) than a second nation or region. Source” Global Edge glossary of terms. Available on http://globaledge.msu.edu/reference-desk/glossary