profit before tax ratio formula Before that, what is the nature of the enterprise itself is an issue that has been ignored by traditional microeconomic theory. In the traditional microeconomic theory, is the manufacturer's production process as a "black box", namely enterprise is abstracted into a from input to output a "black box" of the pursuit of profit maximization. In this way, if the interest rate of a country is higher than that of other countries, it will attract a large amount of capital inflow, and the outflow of funds from the country will decrease, leading to the buying of this currency in the international market. At the same time, the capital account balance has been improved, and the currency exchange rate has been raised. On the other hand, if a country is loose credit, interest rates fell, if interest rates lower than in other countries, can cause large capital outflows, foreign capital inflows to reduce, the capital account balance of payments deteriorates, while selling the currency in foreign exchange market, caused the exchange rate to fall. The market believes the next rate increase could happen in May 2018, as officials take action to prevent a record low unemployment and wage inflation leading to inflation. The Christmas season is a time that you will certainly wish to spend with your family and friends. It is not even the sharing of gifts that matters, while you cannot discount the wide smiles it brings. It is the presence of folks you worry about when you celebrate the season?s highlight, Christmas Eve. You should be prepared with some activities that can carry on the fun in mid-air and prevent what every party host fears most, that's boredom. One of the wonderful activities you can do is to possess everyone sing in unison all the Christmas songs they know. ECB President Mario draghi said at a press conference following the central bank's board meeting that important changes had taken place in the resumption of negotiations.