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WEALTH DISTRIBUTION: The manner in which wealth is divided among the members of the economy. A perfectly equal wealth distribution would mean everyone in the country has exactly the same wealth. In reality, wealth is unequally distributed. A few people have a great deal of wealth and most others have less. Any well-functioning economy, that's doing a pretty good job of satisfying consumer wants and needs, will have some degree of inequality in the distribution of wealth. This occurs because some people have done a good job of producing what people want, and thus grow wealthy. However, wealth tends to perpetuate itself, over and above what may be justified by valuable production. Along with wealth comes market control, political power, and the ability to accumulate more wealth at the expense of others.

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Lesson 9: Macro Basics | Unit 2: Macro Problems Page: 6 of 16

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

Inflation is a stability problem that typically results because the four macro sectors of the economy demand more goods that the economy can produce.

Inflation problems:

  • Future prices become increasingly uncertain.
  • Financial assets like money, bank accounts, stocks and bonds decrease in value with higher prices.
  • Income and wealth are haphazardly redistributed because prices change at different rates.
  • Hyperinflation can reduce production because money becomes almost worthless and people revert to barter exchanges.

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BALANCE OF TRADE SURPLUS

The positive difference of the value of goods and services exported out of a country less the value of goods and services imported into the country. A balance of trade surplus is the official term for positive net exports that occurs when exports exceed imports. A balance of trade surplus is also termed a "favorable" balance of trade because it results in a net inflow of monetary payments into the domestic economic from the foreign sector, which tends to be beneficial to a country. The alternative is a balance of trade deficit in which imports exceed exports.

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