An accounting statement of the money value of international transactions between one nation and the rest of the world over a specific time period. The statement shows the sum of transactions of ...

Learn how economic equilibrium balances market forces, the different types of equilibrium, and its applications in real-world ...

Let's face it. Economics is filled with terms that don't always make sense to the average person. Terms that sometimes mean what you think they mean, but sometimes not at all. Not even close. We ...

A country has an absolute advantage if its output per unit of input of all goods and services produced is higher than that of another country. An advisory group initiated by the Board in the 1960’s to ...