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TRADE DEFICIT: Formally termed a balance of trade deficit, a condition in which a nation's imports are greater than exports. In other words, a country is buying more stuff for foreigners than foreigners are buying from domestic producers. A trade deficit is usually thought to be bad for a country. For this reason, some countries seek to reduce their trade deficit by--(1) establishing trade barriers on imports, (2) reducing the exchange rate (termed devaluation) such that exports are less expensive and imports more expensive, or (3) invading foreign countries with sizable armies.

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Lesson 10: Utility and Demand | Unit 3: Complex Choices Page: 10 of 21

Topic: A Short Cut? <=PAGE BACK | PAGE NEXT=>

  • The equality between marginal utilities is a handy short cut for making choices.

  • If one good generates more marginal utility that the other, then total utility can be increased by consuming more of that good and less of the other.

  • A simple rule is to choose the quantities of two or more goods such that marginal utility of the last unit of each good consumed is the same for all goods.

  • MU of good 1 = MU of good 2

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AUCTION

A formal market exchange in which prospective buyers make bids to purchase a commodity. An auction is an effective way of exchanging commodities by bringing together buyers and sellers. Auctions are commonly used to exchange financial instruments, agricultural commodities, personal assets, and works of art. Three notable types of auctions are English, Dutch, and sealed-bid.

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APLS

BROWN PRAGMATOX
[What's This?]

Today, you are likely to spend a great deal of time watching the shopping channel hoping to buy either a turbo-powered vacuum cleaner or a battery-powered, rechargeable vacuum cleaner. Be on the lookout for strangers with large satchels of used undergarments.
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This isn't me! What am I?

The average length of a "business lunch" is about 36 minutes.
"Believe and act as if it were impossible to fail."

-- Charles F. Kettering

S&D
Supply and Demand
A PEDestrian's Guide
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