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BALANCE OF TRADE SURPLUS: An imbalance in a nation's balance of trade in which the payments for merchandise exports received by the country exceed payments for merchandise imports paid by the country. This is also termed a favorable balance of trade. It's considered favorable because more goods are exported out of the country than are imported in, meaning that foreign production is replaced with domestic production, which then increases domestic employment and income. A balance of trade surplus is often the source of a balance of payments surplus.
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Lesson 14: Production | Unit 1: Short-Run Production
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Page: 3 of 25
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Topic:
Two Runs: Short And Long
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- The two key time production periods.
- The short run is a production time period in which at least one input is variable and at least one input is fixed.
- The key is that firms produce and supply output on a day-to-day basis by adding variable inputs to fixed inputs.
- The long run is a production time period in which all inputs are variable.
- The long run is a period long enough to alter the quantities of ALL inputs, especially changing the amount of capital or the size of a factory.
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M1 The narrow-range monetary aggregate for the U.S. economy containing the combination of currency (and coins) issued by government and held by the nonbank public and checkable deposits issued by banking institutions. M1 contains the two items that function as THE medium of exchange for the U.S. economy. M1 is one of three monetary aggregates tracked and reported by the Federal Reserve System. The other two are designated M2 and M3.
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GREEN LOGIGUIN
[What's This?]
Today, you are likely to spend a great deal of time looking for the new strip mall out on the highway trying to buy either a birthday gift for your aunt or a pair of leather sandals that won't cause blisters. Be on the lookout for strangers with large satchels of used undergarments.
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In the Middle Ages, pepper was used for bartering, and it was often more valuable and stable in value than gold.
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"You miss 100% of the shots you never take. " -- Wayne Gretzky, hockey player
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OCC
Options Clearing Corporation
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