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TRADE BALANCE: account balance of payments of a country that includes only the exchange of goods of an action with another BALANCE OF PAYMENTS: accounting document, relationship between the amount of money a country spends abroad and the amount entering from other nations. The concept of balance of payments includes not only trade in goods and services but also the movement of other cities, such as development aid, foreign investment, military expenditure and debt repayment. CLASS STERILE: one of three classes of citizens in that society is divided according to the conception physiocracy, which is formed by those engaged in industry trade and servitude CLASS PRODUCTION : the Physiocrats tells us that is composed of farmers owning class : class comprising the sovereign and landholders SHORTAGE: is insufficient and other resources to meet basic needs and / or tastes of human beings, which holds that a society does not have the resources or productivity needed to efficiently provide their needs to those who live in this society. Alternatively, scarcity implies that not all societal goals can be achieved at the same time, some compensation is made to obtain some goods over others. CLASSICAL SCHOOL: is one of the most influential schools of thought in economics, whose leading exponents include: Adam Smith, David Ricardo FACTORS OF PRODUCTION: those resources, material or otherwise, that when combined in the production process adds value to the development of goods and services. : a social, economic and cultural-established, temporary or traveling, periodic or annual, which takes place at a venue and it gets generally comprise a theme or common purpose. physiocracy: a school of eighteenth-century economic thought founded by François Quesnay, Anne Robert Jacques Turgot and Pierre Samuel du Pont de Nemours in France. Affirmed the existence of a natural law by which the proper functioning of the economic system would be secured without government intervention. His doctrine is summarized in the phrase laissez faire GUILD: economic partnership of European origin, implanted in the colonies, which brought together the artisans of the same trade, which appeared in medieval cities and lasted until the late modern age, when they were abolished. TAX: are benefits, now usually in cash. It is a kind of tax (usually monetary obligations to the creditor tax) governed by public law. It is characterized by not requiring a fee directly or determined by the administration Inland Revenue (tax creditor). INPUT: what a person eats; everything available for use and development of human life, from what we find in nature to what we create ourselves. In general inputs and lose their properties and characteristics to become part of the final product. Liberalism : is a philosophical, economic and political, which promotes civil liberties, is opposed to any form of despotism, raising to republican principles, with the current in which representative democracy is based and separation of powers. AGES: is the historical period of Western civilization from the V century and the fifteenth century MERCANTILISMO: tendencia de la economía política burguesa y de la política económica de los estados en época de la acumulación original del capital