Category: Business
Created by: dnatalia
Number of Blossarys: 60
This is the simplest yardstick of economic performance. If one person, firm or country can produce more of something with the same amount of effort and resources, they have an absolute advantage over ...
These can arise when somebody (the principal) hires somebody else (the agent) to carry out a task and the interests of the agent conflict with the interests of the principal. An example of such ...
Also more accurately referred to as aggregate expenditure, this is one of the key concepts introduced by John Maynard Keynes that still today is at the heart of most macroeconomic theories about the ...
1. Total of all incomes in an economy, without taking inflation and taxes into account. 2. Combined income of a husband and wife who file joint tax returns.
Another of the concepts introduced by John Maynard Keynes that still today are used in macroeconomic theories about the determination of the overall level of employment and national income. Like his ...
Paul Samuelson, one of the 20th century’s greatest economists, once remarked that the principle of comparative advantage was the only big idea that economics had produced that was both true and ...
Cancelling or rescheduling a borrower’s debts to lessen the pain of the debt burden. Debt forgiveness is increasingly viewed as the best way to relieve the financial problems facing poorer countries. ...
By: dnatalia