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G-20: In 1999, the Finance Ministers of the Group of Seven (G-7) leading industrialized nations announced the creation of the Group of Twenty (G-20). This international forum of Finance Ministers and Central Bank Governors represents 19 countries, the European Union and the Bretton Woods Institutions (the International Monetary Fund -IMF-- and the World Bank). The G-20 promotes discussion, and studies and reviews policy issues among industrialized countries and emerging markets with a view to promoting international financial stability. Member countries include: Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Mexico, Russia, Saudi Arabia, South Africa, Korea, Turkey, the United Kingdom, the United States and the European Union.

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Lesson 7: Market | Unit 4: Adjustment Page: 15 of 22

Topic: Surplus <=PAGE BACK | PAGE NEXT=>

A surplus exists if the quantity demanded is less than the quantity supplied at the current market price.
  • A surplus exists if the market price is 70 cents.
  • The quantity demanded is 200 tapes and the quantity supplied is 600 tapes, giving a surplus of 400 tapes.
  • This surplus induces the price to decline down to the equilibrium level of 50 cents

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ECONOMIC EFFICIENCY

Obtaining the most consumer satisfaction from available resources. In other words, resources are allocated in such a way that consumer satisfaction is at its highest possible level. This is also termed either efficiency or allocative efficiency.

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APLS

GRAY SKITTERY
[What's This?]

Today, you are likely to spend a great deal of time browsing through a long list of dot com websites trying to buy either rechargeable batteries or a rechargeable battery for your computer. Be on the lookout for door-to-door salesmen.
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This isn't me! What am I?

Approximately three-fourths of the U.S. paper currency in circular contains traces of cocaine.
"The only thing that will stop you from fulfilling your dreams is you. "

-- Tom Bradley, former Los Angeles mayor

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Tokyo Interbank Offered Rate (Japan)
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