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COMPARATIVE STATICS: The technique of comparing the equilibrium resulting from a change in a determinant with the equilibrium prior to the change. Comparative statics is the primary analytical technique used in the study of economics. A popular example of this technique is found in the study of markets. Comparative statics is used to analyze how the equilibrium price and equilibrium quantity are affected by changes in the demand and supply determinants, which are graphically represented by shifts of the respective demand or supply curves.

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THEORY: A scientifically verified, interrelated body of general principles, axioms, and assumptions that is used to explain and understand real world phenomena. Theories are the cornerstone of the scientific method. They generate the hypotheses that are verified against real world data, which is the day-to-day process of doing science. The construction and refinement of theories, accomplished through the hypothesis verification process, is also the basic goal of doing science.

     See also | scientific method | phenomenon | hypothesis | principle | verification | axiom | world view | cause and effect | data | law of demand | economics | science | social science | physical science |


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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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