Macroeconomics3

Macroeconomics3 - What does it mean to be self sufficient?...

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Macroeconomics Chapter 3 Study Guide KEY TERMS Absolute Advantage Centrally Planned Economy Comparative Advantage Export Import Market Economy KEY QUESTIONS:  What is a principle? In economics what is free? If the price of a product falls what do consumers do? What is the principle of voluntary exchange? What is self interest? What s the principle of diminishing returns?
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What is the invisible hand? Who comes in once the market has fallen? What is the job of the market?
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Unformatted text preview: What does it mean to be self sufficient? Specialization leads to expertise, what is another name for expertise that means experience? What happens when a market produces more? What is Absolute Advantage? Comparative Advantage means? Tangible goods vs. intangible goods Briefly describe the capital market, be sure to include explicit and implicit. What is a perfectly comparative market?...
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Macroeconomics3 - What does it mean to be self sufficient?...

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