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THREE-SECTOR KEYNESIAN MODEL: A model used to identify equilibrium in Keynesian economics based on aggregate expenditures by the three domestic sectors (household, business, and government). Equilibrium is achieved at the intersection of the aggregate expenditures line, AE = C + I + G, and the 45-degree line, Y = AE. This is Keynesian aggregate expenditures model can be used to analyzed the impact of government fiscal policy on aggregate expenditures and equilibrium.
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INTERNATIONAL ECONOMICS: A branch of economics that studies economic interactions among different countries, including foreign trade (exports and imports), foreign exchange (trading currency), balance of payments, and balance of trade. While much of the interaction among countries is largely an extension of basic economic principles, complications do arise because nations are distinct political entities, with different laws and cultures, and with little or no overall governmental oversight. The guiding principle in the study of international economics is comparative advantage, which indicates that every country, no matter their level of development, can find something that it can produce cheaper than another country. The study of interational economics focusses on two related areas -- international trade and international finance See also | international trade | international finance | balance of trade | balance of payments | comparative advantage | foreign | domestic |
Recommended Citation:INTERNATIONAL ECONOMICS, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2024. [Accessed: October 30, 2024].
AmosWEB Encyclonomic WEB*pedia:Additional information on this term can be found at: WEB*pedia: international economics
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MEDIAN VOTER PRINCIPLE A public choice principle stating that the median voter, the voter with an equal number of votes on either side, determines the outcome of an election by determining which side receives the majority. The preferences of this median vote, thus become the most important preferences addressed by candidates running for election. However, the median voter's preferences might not generate was is best, that is, efficient, for society. Other related voting problems identified by the study of public choice includes the voting paradox, logrolling, and voter apathy (due to rational ignorance and rational abstention).
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GRAY SKITTERY
[What's This?]
Today, you are likely to spend a great deal of time lost in your local discount super center hoping to buy either a wall poster commemorating the first day of spring or a lazy Susan for you dining room table. Be on the lookout for mail order catalogs with hidden messages.
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This isn't me! What am I?
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Lewis Carroll, the author of Alice in Wonderland, was the pseudonym of Charles Dodgson, an accomplished mathematician and economist.
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"Anyone who has never made a mistake has never tried anything new. " -- Albert Einstein, physicist
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HFO
Heavy Fuel Oil
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