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EQUILIBRIUM: The state that exists when opposing forces exactly offset each other and there is no inherent tendency for change. Once achieved, an equilibrium persists unless or until it is disrupted by an outside force.
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Lesson 11: Elasticity Basics | Unit 2: A Little More
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Page: 8 of 25
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Topic:
Why Study: Taxes
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- Governments levy taxes for two reasons:
- Revenue Generation: To collect the revenue needed to operate and to provide public goods.
- Resource Allocation: To change the allocation of resources and to alter the production and consumption of specific goods.
- Elasticity determines how effectively a tax achieves it's desired goal.
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BALANCE ON MERCHANDISE TRADE A subset of the balance of payments current account that records the difference between the payments received for exports of goods to other nations and the payments made for the imports of goods from other nations. The goods included are physical or tangible goods, but not intangible services. The balance on merchandise trade is thus appropriately divided into merchandise exported and merchandise imported. Two other subsets of the current account include the balance on services and unilateral transfers. The commonly termed balance of trade is the sum of the balance on merchandise trade and the balance on services.
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ORANGE REBELOON
[What's This?]
Today, you are likely to spend a great deal of time at a flea market seeking to buy either a how-to book on fixing your computer, with illustrations or several magazines on computer software. Be on the lookout for empty parking spaces that appear to be near the entrance to a store.
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This isn't me! What am I?
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A scripophilist is one who collects rare stock and bond certificates, usually from extinct companies.
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"It is not because things are difficult that we do not dare; it is because we do not dare that they are difficult. " -- Seneca, statesman, dramatist, philosopher
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WPI
Wholesale Price Index
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