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BALANCE OF SERVICES: The difference between funds received by a country when exporting services and the funds paid for importing services. The balance of services is one part of the current accounts portion of the balance of payments, the other is major part is the balance of trade. The balance of services is very much like the merchandise balance of trade, excepct intangible services are being exported and imported rather than tangible goods. Like the balance of trade, the balance of services can be out of balance. A balance of services surplus results if service exports exceed imports, also termed a favorable balance of services, and a balance of services deficit exists if service imports exceed exports, analogously termed an unfavorable balance of services.

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Lesson 14: Production | Unit 4: Long-Run Production Page: 19 of 25

Topic: Increasing Returns To Scale <=PAGE BACK | PAGE NEXT=>

  • Increasing returns to scale:

  • Increasing returns to scale result when a given proportional increase in all inputs results in a greater than proportional increase in production.
  • Three primary reasons why long-run production experiences increasing returns to scale:

    • Resource Specialization

    • Support Activities

    • Volume and Area

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PHYSICAL FLOW

In the circular flow model, the transfer of goods and services from the business sector to the household sector and the transfer of resource services from the household sector to the business sector. The physical flow is usually illustrated as a counter-clockwise flow for a model with the product markets at the top, resource markets at the bottom, household sector at the left, and business sector at the left. The payment flow moves in the opposite direction.

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In the late 1800s and early 1900s, almost 2 million children were employed as factory workers.
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