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| A theortical construct incorporating a set of simplified assumptions which attempts to identify fundamental relations in a system or a process |
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| using resources in one use is the benefit foregone of not using those resources in their alternative use |
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| What are two ways to protect trade restrictions |
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Definition
| As a price of a commodity decreases the quantity of the demand increases and vice vesa (cetrus paribus) |
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Definition
| As a price of good/commodity increases the quantity of a the good increase and vice versa |
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| Concerns how well resources are used in a particular use |
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| Concerns how well goods are allocated in there current use |
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| Concerns the rate of technological progress with an industry |
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Definition
The market value of all final goods and services produced with in the borders of a given economy during a particular year (or quarter)
Expenditure approach Income |
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| Unemployment and inflation caused by a supply shock |
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| Three types of Monetary lag |
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Definition
| Recognition Lag, Implementation Lag, Impact Lag |
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