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January 20, 2022 

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TRADE SURPLUS: Formally termed a balance of trade surplus, a condition in which a nation's exports are greater than imports. In other words, a country is buying less stuff from foreigners than foreigners are buying from domestic producers. A trade surplus is usually thought to be a good thing for a country. However, every country in the world cannot run a trade surplus at the same time. Excessive trade surpluses can also lead to invasion by sizable foreign armies.

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CUSTOMS UNION: An agreement among two or more nations to eliminate trade restrictions with each other and to adopt a common trade policy with other nations. There is, however, no effort to allow free movement of resources among the countries nor to adopt common monetary or fiscal policies. This is considered the second of four levels of integration among nations. See common market, economic union, free-trade area for the other three levels.

     See also | foreign trade | monetary policy | fiscal policy | common market | economic union | free-trade area | trading bloc |


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MARGINAL RETURNS

The change in the quantity of total product resulting from a unit change in a variable input, holding all other inputs fixed. Marginal returns is an older and more generic term for marginal product. While marginal product has largely replaced marginal returns in most discussions of short-run production, the phrase does persist in a few terms like the law of diminishing marginal returns.

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Today, you are likely to spend a great deal of time searching for rummage sales hoping to buy either a flower arrangement with daisies and carnations for your uncle or a coffee cup commemorating next Thursday. Be on the lookout for jovial bank tellers.
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Okun's Law posits that the unemployment rate increases by 1% for every 2% gap between real GDP and full-employment real GDP.
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