March 20, 2018 

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BALANCE OF PAYMENTS: The difference between the funds received by a country and those paid by a country for all international transactions. The international transactions include the exchange of merchandise (exports and imports), which is commonly summarized as the balance of trade, plus the exchange of services, summarized as the balance of services, as well as any gifts or transfer payments that do not involve the exchange of goods and services. The balance of payments, in effect, indicates the difference between currency coming into a country and that flowing out of the country. The balance of payments is divided into two accounts -- current account (which includes payments for imports, exports, services, and transfers) and capital account (which includes payments for physical and financial assets).

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Lesson 2: Economic Science | Unit 5: Cause and Effect Page: 20 of 20

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  • How and why the scientific method seeks to identify the fundamental cause and effect links that constitute scientific principles.
  • Why correlation between events is the first step when identifying cause and effect links.
  • The importance of considering time proximity and time sequence when identifying cause and effect links.
  • How a simple example dealing with the effect of advertising on the production and sales of shoes involves several different cause and effect links.

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A shift of the aggregate demand curve caused by a change in one of the aggregate demand determinants. A change in aggregate demand is caused by any factor affecting aggregate demand EXCEPT the price level. This is one of two changes related to aggregate demand. The other is a change in aggregate expenditures. A change in aggregate demand is comparable to a change in market demand.

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Today, you are likely to spend a great deal of time lost in your local discount super center hoping to buy either a printer that works with your stockpile of ink cartridges or income tax software. Be on the lookout for jovial bank tellers.
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Natural gas has no odor. The smell is added artificially so that leaks can be detected.
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