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BALANCE OF PAYMENTS SURPLUS: An imbalance in a nation's balance of payments in which payments made by the country are less than payments received by the country. This is also termed a favorable balance of payments. It's considered favorable because more currency is flowing into the country than is flowing out. Such an unequal flow of currency will expand the supply of money in the nation and subsequently cause a decrease in the exchange rate relative to the currencies of other nations. This then has implications for inflation, unemployment, production, and other facets of the domestic economy. A balance of trade surplus is often the source of a balance of payments surplus, but other payments can turn a balance of trade surplus into a balance of payments deficit.

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Lesson 15: Aggregate Market | Unit 2: Equilibrium Page: 7 of 22

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Equilibrium in the aggregate market occurs when the forces of aggregate demand and aggregate supply are balanced.
  • Equilibrium is a balance of forces that will remain unchanged until some other, outside force intervenes.
  • For the market, the forces are supply and demand. For the aggregate market, the forces are aggregate demand and aggregate supply.
  • The aggregate demand force is our four sectors who want GDP at the lowest price level possible.
  • The aggregate supply force is our scarce resources who want to sell GDP at the highest prices possible.

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AVERAGE FACTOR COST CURVE

A curve that graphically represents the relation between average factor cost incurred by a firm for employing an input and the quantity of input used. Because average factor cost is essentially the price of the input, the average factor cost curve is also the supply curve for the input. The average factor cost curve for a firm with no market control is horizontal. The average revenue curve for a firm with market control is positively sloped.

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Today, you are likely to spend a great deal of time watching the shopping channel seeking to buy either a turbo-powered vacuum cleaner or a battery-powered, rechargeable vacuum cleaner. Be on the lookout for high interest rates.
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Paper money used by the Commonwealth of Massachusetts prior to the U.S. Revolutionary War, which was issued against the dictates of Britain, was designed by patriot and silversmith, Paul Revere.
"Sometimes when you innovate, you make mistakes. It is best to admit them quickly and get on with improving your other innovations. "

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