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FAVORABLE BALANCE OF TRADE: An imbalance in a nation's balance of trade in which the payments for merchandise exports received by the country exceed payments for merchandise imports paid by the country. This is also termed a balance of trade surplus. It's considered favorable because more goods are exported out of the country than are imported in, meaning that foreign production is replaced with domestic production, which then increases domestic employment and income. A balance of trade surplus is often the source of a balance of payments surplus.
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COMPENSATING WAGE DIFFERENTIALS Different wages paid to different workers or in different markets that adjust for differences in the jobs or in the productivity of the workers. Wage differentials occur for many reasons. Quite often they are the result of the personal preferences of workers. In some cases workers are willing to "buy" leisure-time or other types of household production by taking lower wages. Differences in job risks, education, and location are also reasons for the persistence of wage differentials.
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BEIGE MUNDORTLE
[What's This?]
Today, you are likely to spend a great deal of time watching the shopping channel trying to buy either a handcrafted bird feeder or a New York Yankees baseball cap. Be on the lookout for fairy dust that tastes like salt.
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Two and a half gallons of oil are needed to produce one automobile tire.
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"The roots of education are bitter, but the fruit is sweet." -- Aristotle
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LF
Labor Force, Laissez-Faire
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