Principles of Macroeconomics
Course at eth
Course at eth
Set of flashcards Details
| Flashcards | 112 |
|---|---|
| Language | English |
| Category | Macro-Economics |
| Level | University |
| Created / Updated | 25.09.2018 / 17.01.2023 |
| Licencing | Not defined |
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production possibilities frontier
is a curve which shows various combinations of set of two goods which can be produced with the given resources and technology where the given resources are fully and efficiently utilized per unit time
positive analysis
describe world as it is, descriptive analysis
normative analysis
statement how the world should be, prescriptive analysis
efficiency
efficiency means that a society gets gets the most, that it can from its scarce resources
equity
equity means that benefits of this resources are fairly distributed among members of society
oportunity cost
what you give up to obtain item
market failure
when market fails to allocate resources efficiently
may happen when: externality or market power
gdp
gross domestic product: GDP is the total market value of all final goods and services produced within a country in a given period of time. (excludes items that are sold illicitly, items that are produced and used at home, never enter marketplace)
