economics
Terms
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- economics
- social science that studies the production, distribution, and consumption of goods and services
- goods and services
- Anything that is worth money and can be exchanged or sold
- agent
- person or institution that participates in an economic exchange
- globalization
- is the process of transformation of regional characteristcs into global ones
- microeconomics
- small scale economics
- macroeconomics
- large scale economics
- normative economics
- examine how the economic agents should behave
- positive economics
- examine the behavior of economics
- scarcity
- insufficient resources to satisfy all needs
- exchange
- is the trade of goods, services or both
- international economics
- study the economic relations between countries
- resources
- Anything employed to produce goods and services
- purchasing power parity
- theory that states that one dollar should buy the same ammount of goods in any country
- gross domestic product
- Total value of all goods and services produced by a country in a year
- index
- a way to quantitatively compare economic agents