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BALANCE OF SERVICES: The difference between funds received by a country when exporting services and the funds paid for importing services. The balance of services is one part of the current accounts portion of the balance of payments, the other is major part is the balance of trade. The balance of services is very much like the merchandise balance of trade, excepct intangible services are being exported and imported rather than tangible goods. Like the balance of trade, the balance of services can be out of balance. A balance of services surplus results if service exports exceed imports, also termed a favorable balance of services, and a balance of services deficit exists if service imports exceed exports, analogously termed an unfavorable balance of services.

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Lesson 10: Gross Domestic Product | Unit 3: Two Views of GDP Page: 15 of 25

Topic: Expenditures <=PAGE BACK | PAGE NEXT=>

The four sectors of the economy buy ALL current economic production and when aggregated give us GDP.

The four sectors and their expenditures:

  1. Household: Consumption (C).
  2. Business: Investment (I).
  3. Government: Government Expenditures (G).
  4. Foreign: Net Exports (X-M), the difference between Exports (X) and Imports (I).
Expenditures on GDP: GDP = C + I + G + (X-M)
  • C, I and G buy not just domestic goods and services, but also imports.
  • When we aggregate C, I, G and X we have domestic production plus imports. To measure only domestic production, we subtract imports (M).

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TOTAL REVENUE CURVE, PERFECT COMPETITION

A curve that graphically represents the relation between the total revenue received by a perfectly competitive firm for selling its output and the quantity of output sold. It is combined with a perfectly competitive firm's total cost curve to determine economic profit and the profit maximizing level of production. The slope of the total revenue curve is marginal revenue.

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Today, you are likely to spend a great deal of time browsing about a thrift store seeking to buy either a rotisserie oven that can also toast bread or a flower arrangement in a coffee cup for your father. Be on the lookout for telephone calls from long-lost relatives.
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The word "fiscal" is derived from a Latin word meaning "moneybag."
"There is no point at which you can say, Well, I'm successful now. I might as well take a nap."

-- Carrie Fisher, actress, writer

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