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Principles of Macroeconomics

Course at eth

Course at eth

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Kartei Details

Karten 112
Sprache English
Kategorie VWL
Stufe Universität
Erstellt / Aktualisiert 25.09.2018 / 17.01.2023
Lizenzierung Keine Angabe
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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 means that a society gets gets the most, that it can from its scarce resources


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


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)