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HECKSCHER-OHLIN MODEL: A model of international trade developed by Eli Heckscher and Bertil Ohlin, with significant contributions by Paul Samuelson, that relies on the notion that comparative advantage is based on relative natural resource endowments. A nation with large oil reserves will, for example, have a comparative advantage in oil production over another nation with fertile soil, which will have a comparative advantage in agricultural production.
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Lesson 16: Aggregate Shocks | Unit 1: Instability
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Page: 2 of 21
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Our goal is to explain business cycle fluctuations.- The real GDP path the economy would take with long-run equilibrium--at full employment--is the straight, green upward-sloping line.
- The actual real GDP path, the jagged red line, tends to be less smooth.
- The business cycle is the movement above and below the long-run trend.
- When the actual is below the long-run equilibrium line, we get unemployment.
- When the actual is above the long-run equilibrium line, we get inflation.
- Ceteris paribus factors are what create fluctuations away from the long-run trend.
- Aggregate demand determinants are the main cause.
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BALANCE OF TRADE DEFICIT The negative 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 deficit is the official term for negative net exports that occurs when imports exceed exports. A balance of trade deficit is also termed an "unfavorable" balance of trade because it results in a net outflow of monetary payments from the domestic economic to the foreign sector, which tends to be bad for a country. The alternative is a balance of trade surplus in which exports exceed imports.
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GREEN LOGIGUIN
[What's This?]
Today, you are likely to spend a great deal of time browsing through a long list of dot com websites looking to buy either a how-to book on surfing the Internet or a computer that can play music and burn CDs. Be on the lookout for letters from the Internal Revenue Service.
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This isn't me! What am I?
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In 1914, Ford paid workers who were age 22 or older $5 per day -- double the average wage offered by other car factories.
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"To sit back and let fate play its hand out, and never influence it, is not the way man was meant to operate." -- John Glenn, astronaut, U.S. senator
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SPE
Subgame Perfect Equilibrium
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