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BALANCE OF PAYMENTS: The difference between the funds received by a country and those paid by a country for all international transactions. The international transactions include the exchange of merchandise (exports and imports), which is commonly summarized as the balance of trade, plus the exchange of services, summarized as the balance of services, as well as any gifts or transfer payments that do not involve the exchange of goods and services. The balance of payments, in effect, indicates the difference between currency coming into a country and that flowing out of the country. The balance of payments is divided into two accounts -- current account (which includes payments for imports, exports, services, and transfers) and capital account (which includes payments for physical and financial assets).
Visit the GLOSS*arama
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BEIGE MUNDORTLE
Your compete MICRO*scope for today
You are the type of person who can easily disappear in a crowd, a small crowd, a crowd of two people, two people including you. Family and friends would probably admit to liking you, if anyone ever posed the question. Today, you are likely to spend a great deal of time at a going out of business sale wanting to buy either a graduation present for your niece or nephew or a toaster oven that has convection cooking. Be on the lookout for celebrities who speak directly to you through your television. You should consider shopping at stores or businesses beginning with the letter Y, but do not buy any products with a serial number or product code containing the number 359580. Your preferred shopping venue is discount super centers. Your special symbol is the period (.).
Is this You?
As a Beige Mundortle, you are somewhat dull, somewhat boring, somewhat lusterless. You don't particularly care and you don't really care that you don't care. You know that you have a somewhat drab, lackluster life, and that's just fine with you. You shop when you need to, buy what you have to, and get on with your life. It's just another day, another expenditure. You don't really care to spend a lot of time shopping, but you don't really care to spend a lot of time doing much of anything. Life goes on. So what? Who cares?
This isn't me! What am I?
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PERFECTLY ELASTIC An elasticity alternative in which infinitesimally small changes in one variable (usually price) cause infinitely large changes in another variable (usually quantity). Quantity is infinitely responsive to price. Any change in price, no matter how small, triggers an infinite change in quantity. This characterization of elasticity is most important for the price elasticity of demand and the price elasticity of supply. Perfectly elastic is one of five elasticity alternatives. The other four are perfectly inelastic, relatively elastic, relatively inelastic, and unit elastic.
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Shopping Around For RETAIL PRICESIt's time for another one of our frequent stops at Mr. Market Super Food Discount Store, this time to check out the story behind retail prices. As consumers, we spend a large fraction of our nonworking, nonsleeping lives wandering grocery stores aisles, searching clothing store racks, and surveying department store displays for the right product at the right price. How do we know, like the name of the long-running game show, if "The Price is Right?" How are retail prices set and do they really tell us the value of a product?
Tell me more...
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In 1914, Ford paid workers who were age 22 or older $5 per day -- double the average wage offered by other car factories.
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"Courage is the ladder on which all the other virtues mount." -- Claire Boothe Luce, diplomat, writer
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EER
European Economic Review
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