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January 23, 2018 

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RENT SEEKING: The inclination of everyone who is alive and breathing to get as much as they can for themselves. These stems from the idea of economic rent, which is a payment over above the opportunity cost. People are said to be rent seeking when they try to get higher wages, more profit, or any other payment over above the minimum they would be willing to accept.

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Lesson 11: Circular Flow | Unit 4: Foreign Page: 17 of 22

Topic: Exports and Imports <=PAGE BACK | PAGE NEXT=>

  • Exports are goods and services produced by the domestic economy and purchased by the foreign sector.
  • Imports are goods and services produced by the foreign sector and purchased by the domestic economy.
  • Exports are the green flow coming from the foreign sector and joining GDP before reaching the business sector.
  • Imports are the green flow leaving the consumption, investment, government purchases stream and going to the foreign sector.
  • Note that the physical flow of production (exports and imports) moves in opposite direction as the green payment flows.

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UNEMPLOYED PERSONS

People who are NOT actively engaged in the production of goods and services, but ARE actively seeking employment in the production of goods and services. This is one of three official categories used to classify individuals by the Bureau of Labor Statistics (BLS) based on information obtained from the Current Population Survey. The other two categories are employed persons and not in the labor force. The sum of employed persons and unemployed persons constitute the civilian labor force.

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BLUE PLACIDOLA
[What's This?]

Today, you are likely to spend a great deal of time flipping through mail order catalogs trying to buy either a lighted magnifying glass or a small, foam rubber football. Be on the lookout for small children selling products door-to-door.
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This isn't me! What am I?

One of the largest markets for gold in the United States is the manufacturing of class rings.
"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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