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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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CENTRAL PLANNING

A system of extensive central government control of an economy, including organizing production and making allocation decisions. This was the popular method of allocating resources and answering the three basic questions of allocation under communism and socialism economic systems of the Soviet Union, China, and others during the 1950s, 1960s, and 1970s.

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Today, you are likely to spend a great deal of time watching the shopping channel hoping to buy either a video camera with stop action features or one of those memory foam pillows. Be on the lookout for neighborhood pets, especially belligerent parrots.
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A U.S. dime has 118 groves around its edge, one fewer than a U.S. quarter.
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