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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 1: The Method Page: 2 of 20

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The scientific method has four important parts:
  • Theory: A theory is a scientifically accepted, interrelated body of general principles used to explain and understand some aspect of the world.
  • Principles: A principle is a generally accepted, verified, fundamental laws of nature. Principles establish cause and effect relations about the real world.
  • Hypotheses: An hypothesis is a reasonable proposition about the workings of the world that is inspired or implied by a theory and which may or may not be true.
  • Data: These are observations about what is actually happening in the real world. Data are used to validate or verify hypotheses and are essential to the scientific method.

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SHORT-RUN AGGREGATE MARKET

A macroeconomic model relating the price level and real production under the assumption that SOME prices are inflexible, especially resource prices. This is one of two aggregate market submodels used to analyze business cycles, gross production, unemployment, inflation, stabilization policies, and related macroeconomic phenomena. The other is the long-run aggregate market. The short-run aggregate market isolates the interaction between aggregate demand and short-run aggregate supply. The key assumption of this model is that SOME prices, especially resource prices, are inflexible. The primary result of this model is that the economy can achieve short-run equilibrium at real production that is either greater than or less than full-employment.

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North Carolina supplied all the domestic gold coined for currency by the U.S. Mint in Philadelphia until 1828.
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