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DISTRIBUTION STANDARDS: Three alternative criteria for distributing income to members of society--contributive standard, equality standard, needs standard. A basic notion in economics is that income is generated through production (circular flow). The amount of income generated each year depends on the value of goods and services produced with the economy's limited resources. But once this income is generated it must be distributed to members of society. The contributive, equality, and needs standards are the three primary criteria for distributing income.
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BALANCE OF TRADE DEFICIT The negative difference of the value of goods and services exported out of a country less the value of goods and services imported into the country. A balance of trade deficit is the official term for negative net exports that occurs when imports exceed exports. A balance of trade deficit is also termed an "unfavorable" balance of trade because it results in a net outflow of monetary payments from the domestic economic to the foreign sector, which tends to be bad for a country. The alternative is a balance of trade surplus in which exports exceed imports.
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GRAY SKITTERY
[What's This?]
Today, you are likely to spend a great deal of time strolling around a discount warehouse buying club trying to buy either a set of serrated steak knives, with durable plastic handles or a pair of blue silicon oven mitts. Be on the lookout for malfunctioning pocket calculators.
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The word "fiscal" is derived from a Latin word meaning "moneybag."
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"Kites rise highest against the wind, not with it. " -- Winston Churchill, British prime minister
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OPBU
Operating Budget
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