March 23, 2018 

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IMPORT SUBSTITUTION: A strategy for economic development for a country based on replacing imported goods with domestic production. This is often directed toward imported inputs used for domestic production. The goal of this policy is to encourage domestic production, which subsequently increases domestic income and consumption. A contrasting economic development is export promotion.

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Lesson 11: Circular Flow | Unit 4: Foreign Page: 18 of 22

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  • What happens to the circular flow by including the foreign sector.
  • How trade among nations is an extension of trade among members of the same country.
  • Exports as the flow coming from the foreign sector, joining GDP and going to the business sector.
  • Imports as the flow leaving the consumption, investment, government purchases stream and going to the foreign sector.

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Interest-paying bank accounts maintained by traditional commercial banks, credit unions, savings and loan associations, and mutual savings banks that pay higher interest rates than standard savings accounts, but with minimum balance requirements and limited check writing capabilities. Money market deposit accounts were developed by banks in response to money market mutual funds offered by mutual fund companies. These deposits are typically considered a type of savings deposits, along with passbook accounts and share accounts. Money market deposits, along with these other savings deposits and assorted near monies, are added to M1 to derive M2.

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Today, you are likely to spend a great deal of time at a garage sale hoping to buy either a set of steel-belted radial snow tires or a wall poster commemorating the 2000 Presidential election. Be on the lookout for attractive cable television service repair people.
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Much of the $15 million used by the United States to finance the Louisiana Purchase from France was borrowed from European banks.
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