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BALANCE OF SERVICES: The difference between funds received by a country when exporting services and the funds paid for importing services. The balance of services is one part of the current accounts portion of the balance of payments, the other is major part is the balance of trade. The balance of services is very much like the merchandise balance of trade, excepct intangible services are being exported and imported rather than tangible goods. Like the balance of trade, the balance of services can be out of balance. A balance of services surplus results if service exports exceed imports, also termed a favorable balance of services, and a balance of services deficit exists if service imports exceed exports, analogously termed an unfavorable balance of services.

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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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NOBEL PRIZE IN ECONOMIC SCIENCES

An award given annually since 1969 to an economist or scholar in recognition of a major contribution to the study of economics. It was established by the Bank of Sweden and is annually awarded by the Royal Swedish Academy of Sciences in Stockholm. The official name of the award is The Bank of Sweden Prize in Economic Sciences in Memory of Alfred Nobel. It is the only Nobel Prize awarded for a social science. The first Nobel Prize in Economic Sciences was awarded in 1969 to Ragnar Frisch and Jan Tinbergen.

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During the American Revolution, the price of corn rose 10,000 percent, the price of wheat 14,000 percent, the price of flour 15,000 percent, and the price of beef 33,000 percent.
"We must be willing to let go of the life we have planned, so as to have the life that is waiting for us. "

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