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LIABILITY: Something that you owe. The biggest liabilities for most consumers are loans, including mortgages, car loans, credit-card balances, and installment accounts at stores.
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BALANCE ON SERVICES A subset of the balance of payments current account that records the difference between the payments received for exports of services to other nations and the payments made for the imports of services from other nations. The flow of payments is for intangible services, not for physical or tangible goods. The balance on services is thus appropriately divided into services exported and services imported. Two other subsets of the current account include the balance on merchandise trade and unilateral transfers. The commonly termed balance of trade is the sum of the balance on merchandise trade and the balance on services.
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GRAY SKITTERY
[What's This?]
Today, you are likely to spend a great deal of time searching the newspaper want ads wanting to buy either a weathervane with a horse on top or a case of blank recordable DVDs. Be on the lookout for letters from the Internal Revenue Service.
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This isn't me! What am I?
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Ragnar Frisch and Jan Tinbergen were the 1st Nobel Prize winners in Economics in 1969.
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"Life is a promise; fulfill it. " -- Mother Teresa, humanitarian
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MSE
Mean Square Error
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