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NET EXPORTS OF GOODS AND SERVICES: The official item in the National Income and Product Accounts maintained by the Bureau of Economic Analysis measuring net exports by the foreign sector. Net exports of goods and services is the smallest of the four expenditures, averaging around 2% of gross domestic product. Unlike the other expenditures, net exports of goods and services can be either positive or negative. They are positive when exports are greater than imports and negative when exports are less than imports. In recent years, net exports of goods and services have been negative.

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Lesson Contents
Unit 1: The Basics
  • Opportunity Cost
  • Cost Times Two
  • Profit Times Three
  • Unit 1 Summary
  • Unit 2: Three Totals
  • Fixed And Variable
  • A Table Of Totals
  • Total Curves
  • TP And TVC
  • Unit 2 Summary
  • Unit 3: Four More Measures
  • Three Averages
  • A Table Of Averages
  • Average Curves
  • One Marginal
  • A Marginal Table
  • The Marginal Curve
  • Unit 3 Summary
  • Unit 4: Long-Run Cost
  • Doing The Long Run
  • A Choice Of Plants
  • Planning Curve
  • Scale Economies
  • Unit 4 Summary
  • Unit 5: Previewing Supply
  • Production Stages
  • Marginal Cost
  • Unit 5 Summary
  • Course Home
    Cost

    • The first unit of this lesson, The Basics, begins this our study with a review of the opportunity cost notion and how it relates to business activity.
    • In the second unit, Three Totals, we take a look at the three total cost measures, including total cost, total variable cost, and total fixed cost.
    • The third unit, Four More Measures, then presents four additional cost measures -- average total cost, average variable cost, average fixed cost, and marginal cost.
    • In the fourth unit, Long-Run Cost, we examine how scale economies and diseconomies affect cost in the long run.
    • The fifth and final unit, Previewing Supply, then closes this lesson by previewing the importance of cost, especially marginal cost, to the supply decision by a firm.

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    BANK RESERVES

    Assets used by banks to back up deposits and to conduct daily transactions, including withdrawing funds, "cashing" checks, and transferring funds between banks to "clear" checks. Reserves, also termed bank reserves or legal reserves, includes two types of assets: vault cash and Federal Reserve deposits. These legal reserves are then divided between require reserves and excess reserves. Required reserves are used to back up deposits and excess reserves are used for loans.

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    APLS

    BLACK DISMALAPOD
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    Today, you are likely to spend a great deal of time going from convenience store to convenience store seeking to buy either a turbo-powered vacuum cleaner or a battery-powered, rechargeable vacuum cleaner. Be on the lookout for defective microphones.
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    A thousand years before metal coins were developed, clay tablet "checks" were used as money by the Babylonians.
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    Aggregate Supply
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