Intro to economics + Sweden GDP

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6 Terms

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definition

the social science that studies the production, distribution and consumption of goods and services

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scarcity

people have unlimited wants but limited resources, we cannot have everything

3
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3 questions

what should be produced, how will it be produced, who will consume it

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different approaches

everyone should get equal, person who produced, person most in need

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other measurements

Human Developement Index, Hapiness Index, Big Mac, gini-index

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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,