March 23, 2018 

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BALANCE OF TRADE DEFICIT: An imbalance in a nation's balance of trade in which the payments for merchandise imports made by the country exceed payments for merchandise exports received by the country. This is also termed an unfavorable balance of trade. It's considered unfavorable because more goods are imported into the country than are exported out, meaning that domestic production is replaced with foriegn production, which then reduces domestic employment and income. A balance of trade deficit is often the source of a balance of payments deficit.

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Lesson 2: Economic Science | Unit 4: Science and Practice Page: 13 of 20

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An example of how the scientific method works:
  • You suspect that a relationship exists between course grades and where students are seated in the class.
  • Specifically, you think that students who sit closer to the front of the class receive higher the grades.
Three forms of our hypothesis:
  • Students seated closer to the front receive higher grades.
A More Specific Form:
  • If students sit on the front row, then they receive As-- if they sit on the second row, then they receive Bs-- etc.
Using An Equation:
  • G = a + bD, where b is negative, meaning students seated closer (small D) receive higher grades (large G).
  • Key is that we can compare hypothesis with data.

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The time lag that it takes government leaders and policy makers to determine the appropriate government action needed to address an economic problem. The decision lag arises because it takes time for policy makers to chose among the array of possible policy actions, each with assorted consequences that appeal differently to different political constituencies. This "inside lag" is one of four policy lags associated with monetary and fiscal policy. The other two "inside lags" are recognition lag and implementation lag, and one "outside lag" is implementation lag. All four policy lags can reduce the effectiveness of business-cycle stabilization policies and can even destabilize the economy.

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Today, you are likely to spend a great deal of time browsing through a long list of dot com websites trying to buy either a T-shirt commemorating the 2000 Olympics or a genuine fake plastic Tiffany lamp. Be on the lookout for cardboard boxes.
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Junk bonds are so called because they have a better than 50% chance of default, carrying a Standard & Poor's rating of CC or lower.
"It is not the straining for great things that is most effective; it is the doing of the little things, the common duties, a little better and better."

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