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BALANCE OF TRADE SURPLUS: An imbalance in a nation's balance of trade in which the payments for merchandise exports received by the country exceed payments for merchandise imports paid by the country. This is also termed a favorable balance of trade. It's considered favorable because more goods are exported out of the country than are imported in, meaning that foreign production is replaced with domestic production, which then increases domestic employment and income. A balance of trade surplus is often the source of a balance of payments surplus.

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Lesson 1: Economic Basics | Unit 1: Economics Page: 2 of 18

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An understanding of economics also involves:

Scarcity. We have limited resources, but unlimited wants and needs. The study of economics is essentially the study of scarcity.
Opportunity Cost. Using resources for one alternative prevents using them for another. Opportunity cost is the highest valued alternative.
Analysis. Economics is an analytical discipline that answers 'What if...?' questions.

Scarcity dictates that we must answer the three basic questions of allocation are:
  • What? What goods and services will be produced with society's resources?
  • How? How will society's resources be used to produce the goods and services?
  • For whom? Who receives the goods and services produced with society's resources?

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PHYSICAL WEALTH, AGGREGATE EXPENDITURES DETERMINANT

One of several specific aggregate expenditures determinants assumed constant when the aggregate expenditures line is constructed, and that shifts the aggregate expenditures line when it changes. A decrease in physical wealth causes an increase (upward shift) of the aggregate expenditures line. An increase in physical wealth causes a decrease (downward shift) of the aggregate expenditures line. Other notable aggregate expenditures determinants include consumer confidence, federal deficit, inflationary expectations, and exchange rates.

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APLS

YELLOW CHIPPEROON
[What's This?]

Today, you are likely to spend a great deal of time calling an endless list of 800 numbers seeking to buy either a dozen high trajectory optic orange golf balls or a large red and white striped beach towel. Be on the lookout for jovial bank tellers.
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This isn't me! What am I?

More money is spent on gardening than on any other hobby.
"Lead the life that will make you kindly and friendly to everyone about you, and you will be surprised what a happy life you will lead."

-- Charles M. Schwab

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National Income, Net Income
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