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COMMON MARKET: An agreement among two or more nations to eliminate trade restrictions with each other, to adopt a common trade policy with other nations, and to allow free movement of resources among their countries. There is, however, no effort to adopt common monetary or fiscal policies. This is considered the third of four levels of integration among nations. Customs union, economic union, and free-trade area are the other three levels.
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PAYMENT FLOW In the circular flow, the transfer of money in payment in exchange for the counter-clockwise physical flow of goods and services. The payment flow is the monetary payment for goods and services received by the household sector from the business sector through product markets and the monetary payment for resource services obtained by the business sector from the household sector through resource markets. The payment flow is usually illustrated as a clockwise flow for a model with the product markets at the top, resource markets at the bottom, household sector at the left, and business sector at the left. The physical flow moves in the opposite direction.
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BLUE PLACIDOLA
[What's This?]
Today, you are likely to spend a great deal of time searching for a specialty store trying to buy either any book written by Isaac Asimov or a how-to book on building remote controlled airplanes. Be on the lookout for telephone calls from long-lost relatives.
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Helping spur the U.S. industrial revolution, Thomas Edison patented nearly 1300 inventions, 300 of which came out of his Menlo Park "invention factory" during a four-year period.
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"He, who every morning plans the transactions of the day, and follows that plan, carries a thread that will guide him through a labyrinth of the most busy life." -- Victor Hugo, Writer
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Exports;Marks the Spot
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