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Macroeconomics

TermDefinition
Gross Domestic Product (GDP) Market value of finished goods produced within a nations boarders within a given period (1Year)
Comparative Advantage Ability to produce at lowest opportunity cost
Absolute Advantage Ability to produce at lowest cost
Adam Smith The Wealth of Nations (1776)
Mercantilism Wealth is infinite
Communism No government or market to allocate resources
Welfare Socialism Significant government involvement
State Socialism Total control by state
Socialism Centralized ownership of resources and decision making
Capitalism Decentralized ownership of resources and decision making
Benevolence Kind, generous
Omniscience State of knowing everything
Unconstrained Vision Unlimited potential- reply upon government planners desirable social outcomes
Constrained Vision Rely on "Invisible Hands", competitive markets
How to Choose? Efficacy, equality, freedom, clean environment, support an authority
Economic Systems System of resources, production and distribution within a society
Created by: user-2026423
 

 



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