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X-M: The abbreviation for net exports, which is the difference between exports, goods and services produced by the domestic economy and purchased by the foreign sector, and imports, goods and services produced by the foreign sector and purchased by the domestic economy. While exports and imports important unto themselves, when combined into a single measure net exports captures the overall interaction between the foreign sector and the domestic economy. Arithmetically speaking, if exports exceed imports, then net exports are positive, and if imports exceed exports, the net exports are negative.

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Lesson 16: Perfect Competition | Unit 2: Short-Run Output Page: 9 of 28

Topic: Comparing Totals <=PAGE BACK | PAGE NEXT=>

  • This table presents the necessary total revenue and total cost values.

    • Quantity (Q): The first column, once again, presents the quantity of output produced.

    • Total Revenue (TR): The second column presents total revenue.

    • Total Cost (TC): The third column presents the total cost incurred by the firm in the production of this output.

  • Profit is calculated as the difference between total revenue and total cost.


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BALANCE OF TRADE

The difference between the value of goods and services exported out of a country and the value of goods and services imported into the country. The balance of trade is the official term for net exports that makes up the balance of payments. The balance of trade can be a "favorable" surplus (exports exceed imports) or an "unfavorable" deficit (imports exceed exports). The official balance of trade is separated into the balance of merchandise trade for tangible goods and the balance of services.

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Today, you are likely to spend a great deal of time visiting every yard sale in a 30-mile radius wanting to buy either a flower arrangement with anything but tulips for your grandfather or a birthday greeting card for your mother that doesn't look like a greeting card. Be on the lookout for crowded shopping malls.
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A lump of pure gold the size of a matchbox can be flattened into a sheet the size of a tennis court!
"Think not of yourself as the architect of your career but as the sculptor. Expect to have to do a lot of hard hammering and chiseling and scraping and polishing. "

-- B. C. Forbes, founder, Forbes magazine

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