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SELF CORRECTION: The process through which a model, especially the market and the aggregate market, automatically adjust to equilibrium through changes in one of the variables. For the standard market, self-correction involves changes in the market price to eliminate shortages and surpluses. For the aggregate market, self-correction involves changes in wages, which shift the short-run aggregate supply curve and move the aggregate market from short-run equilibrium to long-run equilibrium.
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BALANCE OF PAYMENTS A comprehensive set of accounts that tracks the flow of currency and other monetary assets coming in to and going out of a nation. These payments are used for international trade, foreign investments, and other financial activities. The balance of payments is divided into two accounts -- current account (which includes payments for imports, exports, services, and transfers) and capital account (which includes payments for physical and financial assets). A deficit in one account is matched by a surplus in the other account. The balance of trade is only one part of the overall balance of payments set of accounts.
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GRAY SKITTERY
[What's This?]
Today, you are likely to spend a great deal of time flipping through the yellow pages looking to buy either a T-shirt commemorating next Thursday or a birthday gift for your uncle. Be on the lookout for jovial bank tellers.
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The standard "debt" notation I.O.U. does not mean "I owe you," but actually stands for "I owe unto..."
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"Managing intellectual assets has become the single most important task of business. " -- Thomas Stewart, author
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JHR
Journal of Human Resources
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