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<strong>LOA</strong> – Leave of Absence, an approved break in enrollment, not including a regularly scheduled semester break or spring break, that is requested by the student and approved by the school. The student' s request must be in writing and must include the reason for the leave. An LOA cannot exceed 180 days in any 12-month period.
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Douglas, PH. and Cobb, C.W (1928) 'A theory of production', American Economic Review (Supplement) 18: 139-65.

job seeker's allowance (J6)<br />A welfare payment to an unemployed person. It can be related to income and savings, or to accumulated contributions. This was introduced in the UK in October 1996 in succession to unemployment benefit and income support. It is so called because the qualification for being an unemployed member of the labour force, rather than a non-participant, is job search activity.

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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.
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<strong>PSI</strong> – Postsecondary Institution.

new economic geography (R1)<br />The study of the determinants of the
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short selling (G1)<br />Selling a SECUR riY not owned by the seller who subsequently buys sufficient volume of that security to effect delivery. Such behaviour, the activity of a bear, is popular when markets are falling in price.<br /> See also: share borrowing

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soft modelling (C5)<br />A form of factor analysis with as few PARAMETERS as possible. This approach is used to build socioeconomic models where there is little information on the place of each variable in a causal chain.<br /> <br /><em>Reference</em><br />Joreskog, K. and Wold, H. (1982) Systems under Indirect Observation, Amsterdam: North-Holland.

<strong>KC-RAP</strong> – The Kansas City area group of financial aid professionals, normally meeting several times a year.
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<strong>PIN</strong> – Personal Identification Number.
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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.
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cardinal utility (DO)<br />The satisfaction obtained from consump-
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<strong>MOBIUS</strong> – Missouri Bibliographic Information User system, a consortium of academic libraries. May be found on the world wide web at http://mobius.missouri.edu/.
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in-bond manufacturing (L6)<br />The manufacturing of duty-free imported raw materials that are processed and assembled for re-export. In some cases, the VALUE-ADDED TAX of the country ultimately purchasing them is levied. This arrangement between Mexico and the USA has flourished since the 1960s.<br /><em>See also:</em> freeport

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earnings (D3, 13, M2)<br />1 Total pre-tax pay of employees, consist- ing of basic wages or salaries and all other premium and bonus elements.<br /> 2 The INCOME of a business available for distribution to shareholders.<br /> 3 The share of the proceeds of production going to a FACTOR OF PRODUCTION.
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rate support grant (H7)<br />An expenditure subsidy previously paid by the UK government to local authorities which resulted in less having to be raised by rates (local property tax). This grant on average was equal to about one-half of total local government expenditure. Central government, in order to ensure that minimum standards of services, e.g. in education, are maintained, has to provide this subsidy. After the domestic rates were replaced by the COMMUNITY CHARGE, the rate support grant was replaced by a REVENUE SUPPORT GRANT.
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penny share (G1)<br />A share in a UK company worth less than 50p. The potential for capital growth is considerable for many of these securities.<br /><em>See also:</em> heavy share

<strong>DE</strong> – U.S. Department of Education, which may also be referred to as ED, USDE, or simply the Department.

cost of living index (J3)<br />Now termed in the UK the RETAI L PRICE INDEX. It shows changes in the cost of purchasing a bundle of goods and services representative of the average consumer. The Ministry of Labour and now its successor, the Department for Education and Employment, had to maintain this index as it is of crucial importance to wage bargaining.<br /><em>See also:</em> consumer price index
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good (DO)<br />1 A tangible output rather than a SERVICE.<br /> 2 Something which bestows UTILITY on the person possessing it.<br /><em>See also:</em> bad; brown good; consumer durable; illth; wealth; white good

purchase tax (H2)<br />A tax levied on a particular sale, often at different rates for different types of goods and services. Persons with a preference for the higher taxed goods suffer discrimination. In the UK, it was replaced by the VALUE-ADDED TAX in 1973.<br /><em>See also:</em> expenditure tax

checking account (G2)<br />A US commercial bank deposit available for immediate use by the writing of a check (cheque). These deposits are part of the Ml money supply: until 1980 they did not bear interest. In the UK, they are known as CURRENT ACCOUNTS.<br /><em>See also:</em> Depository Institutions Deregulation and Monetary Control Act 1980; NOW account
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signal jamming (Ll)<br />A type of BARRIER TO ENTRY that 'jams', or prevents, a potential entrant from gaining information about the profitability of the existing firms of an industry.<br /><em>Reference</em><br />Fudenberg, D. and Tirole, J. (1986) 'A "signal jamming" theory of predation', Rand Journal of Economics 18: 211-31.

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<strong>Permanent resident of the United States</strong> – A person who meets certain requirements of the U.S. Citizenship and Immigration Services (USCIS), a division of the Department of Homeland Security (DHS). (Formerly known as the INS. On March 1, 2003, the INS transitioned into the DHS and was renamed the USCIS.)

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