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VERY SHORT RUN, MICROECONOMICS: A production period of time in which at all inputs in the production process are fixed, meaning the quantity of output itself is fixed. Also termed market period, the very short run exists if the period is so short that no additional production is possible. In other words, the good has been produced, all that remains is to sell it. This is one of four production time periods used in the study of microeconomics. The other three are short run, long run, and very long run.

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Lesson 1: Economic Basics | Unit 5: Policies Page: 15 of 18

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Markets do a reasonable, but not make perfect, job of pursuing the five economic goals.

Market Imperfections:

  • Instability: Markets can cause instability in the macroeconomy, preventing growth, stability, and full employment.
  • Inefficiency: Market imperfections can prevent the economy from efficiently using resources.
  • Equity: The market generated distribution of income and wealth might not be desired by society.

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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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Today, you are likely to spend a great deal of time flipping through mail order catalogs seeking to buy either a wall poster commemorating Thor Heyerdahl's Pacific crossing aboard the Kon-Tiki or decorative garden figurines. Be on the lookout for cardboard boxes.
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In the late 1800s and early 1900s, almost 2 million children were employed as factory workers.
"The roots of education are bitter, but the fruit is sweet."

-- Aristotle, philosopher

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