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HOMOGENEOUS GOOD: Goods that are either physically identical or at least viewed as identical by buyers. In particular, the producer of a good can not be identified from the good itself. This is a key assumption underlying the perfect competition market structure, and like other assumptions is only approximated in the real world. Agricultural products, metals, and energy goods come as close as any in the real world.
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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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PURPLE SMARPHIN
[What's This?]
Today, you are likely to spend a great deal of time at a flea market trying to buy either a how-to book on the art of negotiation or a flower arrangement for your aunt. Be on the lookout for florescent light bulbs that hum folk songs from the sixties.
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This isn't me! What am I?
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More money is spent on gardening than on any other hobby.
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"Never let the fear of striking out get in your way. " -- Babe Ruth, baseball player
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GARCH
Generalized Autoregressive Conditional Heteroskedasticity
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