Absolute Advantage - ANS-The capability to supply a good the use of fewer inputs than every
other manufacturer.
Catching Up Growth - ANS-
Comparative Advantage - ANS-The ability to supply a very good at a lower opportunity fee than
some other manufacturer.
Competition - ANS-State wherein unique parties warfare to achieve goods that are constrained
various factors of the market. Competition promotes new ideas and improvement of new
products.
Conditional Convergence - ANS-Idea that negative international locations tend to develop faster
than wealthy international locations, converging to comparable ranges of income.
Consumer Surplus - ANS-The patron's advantage from exchange; distinction among the most
fee a person is inclined to pay and what they actually pay.
Cutting Edge Growth - ANS-
Division of Knowledge - ANS-
Elasticity - ANS-Measures the exchange in amount demanded in response to trade in any other
financial variable (price, profits stage, alternative availability).
Equilibrium - ANS-Market state when price of quantity provided = price of amount demanded
Factors of Production - ANS-
Factors that shift demand - ANS-1. Income
2. Population
three. Price of substitutes
4. Price of complements
5. Expectations
6. Tastes
Factors that shift deliver - ANS-1. Technological improvements and changes in enter charges
2. Taxes and subsidies
3. Expectations
4. Entry or go out of manufacturers
5. Changes in opportunity cost
Final Goods - ANS-
GDP - ANS-
Hockey Stick - ANS-
Human Capital - ANS-
Institutions - ANS-
Invisible Hand - ANS-Term economists use to describe the self-regulating nature of the
marketplace.
Iron Law of Diminishing Returns - ANS-
Measurements of Progress - ANS-
National Spending Approach - ANS-
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