Akyurt for corporation: a type of firm organization, where the firm’s owners have purchased equity (stock) in the firm, with liability limited to the extent of the owner’s investment in the firm. cross-price elasticity of demand: a measure of the percentage change in the quantity of a good sold relative to the change in the price of some related good. This measure informs us of the degree of substitution. crowding out: an economic condition that occurs when the investment expenditure of the private sector de- 938 Glossary creases as the result of increases in the expenditure of the public sector. current account: an accounting record measuring the value of one nation’s exchange of goods and services with other nations in any given year. The current account is sometimes also referred to as the trade balance. decreasing-cost industry: an industry characterized by decreases in long-run average cost when firms are increasing their scale of operation. Akyurt 2016.

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