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BALANCE OF PAYMENTS: The difference between the funds received by a country and those paid by a country for all international transactions. The international transactions include the exchange of merchandise (exports and imports), which is commonly summarized as the balance of trade, plus the exchange of services, summarized as the balance of services, as well as any gifts or transfer payments that do not involve the exchange of goods and services. The balance of payments, in effect, indicates the difference between currency coming into a country and that flowing out of the country. The balance of payments is divided into two accounts -- current account (which includes payments for imports, exports, services, and transfers) and capital account (which includes payments for physical and financial assets).
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Lesson 19: Monopolistic Competition | Unit 1: Intro
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Page: 4 of 22
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Topic:
Product Differentiation
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- The characteristic that sets monopolistic competition apart from other market structures is product differentiation.
- Product differentiation is real or perceived differences among similar goods that prompts buyers to pay different prices.
- Product differentiation is achieved in three ways:
- Physical Differences
- Perceived Differences
- Support Services
- When monopolistic competition firms practice product differentiation they seek to balance two things.
- To create enough of a difference that buyers are willing to pay a higher price for the good.
- To maintain enough similarity that buyers treat the good as a close substitute for other goods.
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ALLOCATION The process of distributing resources for the production of goods and services, and of distributing goods and services for the satisfaction of wants and needs and human consumption. This allocation process is an essential part of an economy's effort to address the problem of scarcity.
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BLACK DISMALAPOD
[What's This?]
Today, you are likely to spend a great deal of time wandering around the shopping mall seeking to buy either decorative picture frames or storage boxes for your income tax returns. Be on the lookout for telephone calls from long-lost relatives.
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This isn't me! What am I?
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During the American Revolution, the price of corn rose 10,000 percent, the price of wheat 14,000 percent, the price of flour 15,000 percent, and the price of beef 33,000 percent.
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"Old age isn't so bad when you consider the alternative. " -- Cato, Roman orator
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BJE
Bell Journal of Economics
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