Intro to economics + Sweden GDP
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6 Terms
definition
the social science that studies the production, distribution and consumption of goods and services
scarcity
people have unlimited wants but limited resources, we cannot have everything
3 questions
what should be produced, how will it be produced, who will consume it
different approaches
everyone should get equal, person who produced, person most in need
other measurements
Human Developement Index, Hapiness Index, Big Mac, gini-index
gdp issues
doesn’t show purchasing power, difficult to compare different economic systems, wealth no health, no income disparities shown, black+grey market production not included, doesn’t show type of production, difficult to value services,
Note 
Flashcards (33)