Macro key terms

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  • Created by: TeganLM
  • Created on: 10-04-19 14:07
fixed assets used in the productive process in order to produce a finished ‘consumer’ good
capital goods
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An economic system where most factor resources are allocated by the government
command economy
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when one country can produce a good or service at a lower opportunity cost than another
comparative advantage
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an economy can produce a greater total of goods for the same quantity of inputs.
absolute advantage
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weighted price index measuring changes in the average cost of living
consumer price index
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a country tries to devalue its currency to increase its price competitiveness in domestic and overseas markets.
competitive devaluation
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Other cards in this set

Card 2

Front

An economic system where most factor resources are allocated by the government

Back

command economy

Card 3

Front

when one country can produce a good or service at a lower opportunity cost than another

Back

Preview of the front of card 3

Card 4

Front

an economy can produce a greater total of goods for the same quantity of inputs.

Back

Preview of the front of card 4

Card 5

Front

weighted price index measuring changes in the average cost of living

Back

Preview of the front of card 5
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