Note_card-6.docx - Biren Patel Macroeconomics Notes cards 6...

This preview shows page 1 - 2 out of 4 pages.

Biren PatelMacroeconomicsNotes cards 61.Definition of round about productionIt is defined as producing more and more machines to make more and more product and increase productivity.2.Definition of the market systemIt is the interaction of supply and demand to determine prices and quantities that will ration goods and services most efficiently.3.Economic freedomIt means a person should have the right to allocate his or her economic resources as they see fit.4.Laissez faireIt is a French term which means as little government as possible.5.Absolute advantageOne country or person is better at producing one good and the other country or person is better at producing the other good.6.Comparative advantageOne country or person is better at producing both goods and the other country or person is worse at producing both goods.7.NAFTAThe North American Free trade Act(NAFTA) permits free trade between Canada, United States, and Mexico.

  • Left Quote Icon

    Student Picture

  • Left Quote Icon

    Student Picture

  • Left Quote Icon

    Student Picture