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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 7: Market Equilibrium | Unit 1: The Exchange
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Page: 4 of 22
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Competition depends on the number of buyers and sellers.- More buyers creates more competition to acquire a good. Sellers don't have to sell a good below the going price with a lot of buyers willing and able to pay the market price.
Competition prevents buyers from forcing the price down to it's lowest level.- More sellers creates more competition to offer a good for sale. Buyers don't have to buy a good above the going price with a lot of sellers willing and able to sell at the market price.
Competition prevents sellers from forcing the price up to it's highest level.
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SELF CORRECTION, INFLATIONARY GAP The automatic process in which the aggregate market eliminates an inflationary gap created by a short-run equilibrium that is greater than full employment through increases in wages (and other resource prices). The self-correction mechanism is triggered by short-run resource market imbalances that are closed by long-run price flexibility. The self-correction process of the aggregate market also acts to close a recessionary gap with lower wages (and other resource prices).
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BROWN PRAGMATOX
[What's This?]
Today, you are likely to spend a great deal of time looking for the new strip mall out on the highway seeking to buy either a birthday greeting card for your father or a T-shirt commemorating the first day of spring. Be on the lookout for rusty deck screws.
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Al Capone's business card said he was a used furniture dealer.
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"Intense concentration hour after hour can bring out resources in people they didn't know they had. " -- Edwin Land, inventor, entrepreneur
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L/C
Letter of Credit
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