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UNFAVORABLE BALANCE OF PAYMENTS: An imbalance in a nation's balance of payments in which payments made by the country exceed payments received by the country. This is also termed a balance of payments deficit. It's considered unfavorable because more currency is flowing out of the country than is flowing in. Such an unequal flow of currency will reduce the supply of money in the nation and subsequently cause an increase in the exchange rate relative to the currencies of other nations. This then has implications for inflation, unemployment, production, and other facets of the domestic economy. A balance of trade deficit is often the source of a balance of payments deficit, but other payments can turn a balance of trade deficit into a balance of payments surplus.
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                           THIRD ESTATE: Another term for consumers and the household sector. This is one of four divisions of society based on economic function. The other three are government as the first estate, businesses as the second estate, and journalists as the fourth estate. The notion of dividing society into different "estates" has roots in 18th century France, in which clergy and religious leaders were considered the first estate, royalty and aristocracy were the second estate, and peasants, serfs, and the working class were viewed as the third estate. Inventive journalists extended this classification to include themselves as the fourth estate.The modern estates retain the essence of this division with an update to the realities of the modern economy. Government leaders and politicians, rather than clergy, assume their position in the first estate. Business leaders, rather than royalty, take over rule of the second estate. Rank-and-file consumers and those in the working class make up the third estate. And journalists continue as the fourth estate. In past centuries, the third estate included the peasants, serfs, or slaves who performed the dirty deeds for the first two estates. In modern times, this is the workers, taxpayers, and consumers who have limited ownership of and control over resources--often little more than their own labor. The third estate, which forms the backbone of any modern economy, is usually at odds with the business leaders of the second estate. Help occasional comes from the government leaders of the first estate or the journalists of the fourth estate. Consider the case of Pollyanna Pumpernickel, a divorced mother of two, who currently works as an administrative assistant (that is, clerical secretary) for an insurance agent. Paula has been working in similar jobs since high school. She is paid slightly more than minimum wage, has no savings or financial investments, and generally lives from paycheck to paycheck. Paula is a representative member of the third estate.
Recommended Citation:THIRD ESTATE, AmosWEB Encyclonomic WEB*pedia, http://www.AmosWEB.com, AmosWEB LLC, 2000-2021. [Accessed: March 3, 2021].
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