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FORECASTING: The process of anticipating and predicting economic conditions months or years before fact using statistical estimation techniques the model economic activity. Forecasting most often employs sophisticated mathematical models (with hundreds equations). However, specific measures (such as the stock market) or composite indexes that have been shown to lead economic activity (that is, leading economic indicator) are also effectively used for forecasting.
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INTERNATIONAL TRADE The exchange of goods and services among the nations of the world. Also termed foreign trade when viewed from the perspective of a given country, the international exchange of production is comparable to any exchange, except that buyers and sellers are from different countries. The study of international trade highlights an important economic principle, the law of comparative advantage, which helps to explain not only why nations engage in trade but why individuals engage in trade. A related area of study is international finance, both of which are part of the broader study of international economics.
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PURPLE SMARPHIN
[What's This?]
Today, you are likely to spend a great deal of time watching infomercials looking to buy either a package of 3 by 5 index cards, the ones without lines or a blue mechanical pencil. Be on the lookout for the happiest person in the room.
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This isn't me! What am I?
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In his older years, Andrew Carnegie seldom carried money because he was offended by its sight and touch.
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"The way employees treat customers reflects the manner in which they're treated by management. " -- James Perkins, president, Cornell University
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IER
International Economic Review
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