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FAVORABLE BALANCE OF TRADE: An imbalance in a nation's balance of trade in which the payments for merchandise exports received by the country exceed payments for merchandise imports paid by the country. This is also termed a balance of trade surplus. It's considered favorable because more goods are exported out of the country than are imported in, meaning that foreign production is replaced with domestic production, which then increases domestic employment and income. A balance of trade surplus is often the source of a balance of payments surplus.

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Lesson 7: Market | Unit 1: The Exchange Page: 5 of 22

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  • The concept of markets as voluntary trades among buyers and sellers that is used to address the scarcity problem.
  • Four key points about markets:
    • They combine demand and supply.
    • They trade goods, services, and resources.
    • They are voluntary.
    • They are analyzed over a give time period.
  • Examples of different markets, ranging from a formal, organized stock market to a less formal, less organized rummage sale.
  • The nature of market equilibrium as a balance of the forces of demand and supply.
  • How market equilibrium is indicated by the equilibrium quantity and equilibrium price.
  • The importance of competition to the efficient operation of markets and how the number of participants determines competition among buyers and sellers.


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INDUCED SAVING

Household saving that depends on income or production (especially disposable income, national income, or even gross domestic product). That is, changes in income induce changes in saving. Induced saving reflects the fundamental psychological law put forth by John Maynard Keynes. It is measured by the marginal propensity to save (MPS) and is reflected by the positive slope of saving line. The alternative to induced saving is autonomous saving, which does not depend on income.

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Today, you are likely to spend a great deal of time strolling around a discount warehouse buying club trying to buy either storage boxes for your family photos or a large, stuffed giraffe. Be on the lookout for defective microphones.
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Cyrus McCormick not only invented the reaper for harvesting grain, he also invented the installment payment for selling his reaper.
"There is no point at which you can say, „Well, I'm successful now. I might as well take a nap.¾"

-- Carrie Fisher, actress, writer

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