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MICROECONOMICS

QuestionAnswer
ECONOMICS is the social science that studies the choices that individuals, business, governments, and entire societies make as they cope with scarcity.
ABOVE FULL-EMPLOYMENT EQUILIBRUIM A macroeconomic equilibrium in which real GDP exceeds potential GDP.
ABSOLUTE ADVANTAGE A person has an absolute advantage if that person can produce more of goods with a given amount of resources than another person can; a country has an absolute advantage if its output per unit of inputs of all goods is larger than that of another country.
AGGREGATE DEMAND The relationship between the quanitity of real GDP demanded and the price level.
AGGREGATE HOURS The total number of hours worked by all the people employed, both full time and part time, during a year.
Created by: majorhdrsh
 

 



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