C and A Advantage
the ability to produce a good using fewer inputs than another producer
What is absolute advantage?
Political economist. Often recognized as the father of communism. Analysis of history led to his belief that communism would replace capitalism as it replaced feudalism. Believed in a classless society.
Who is Karl Marx?
An economic system based upon customs and traditions. Economy is based upon agriculture and hunting.
Traditional Economy?
the ability to produce a good at a lower opportunity cost than another producer
What is comparative advantage?
a form of demand-side economics that encourages government action to increase or decrease demand and output
What is Keynesian Economics?
An economic system in which individuals own and operate the factors of production.
Market Economy?
If Columbia can produce milk in 4 worker hours and Hungary can produce milk in 8 worker hours.
Who has the absolute advantage?
Columbia
Famous for his advocacy of monetarism
Who is Milton Friedman?
An economic system in which the government owns and operates the factors of production.
Command Economy?
Saturn and Mars can produce moon rocks and rovers.
Saturn produces moon rocks in 2 hours and rovers in 6
Mars produces moon rocks in 4 hours and rovers 7.
Who produces the rovers?
Mars
Economist who advocated the use of government monetary and fiscal policy to maintain full employment without inflation
Who is John Maynard Keynes?
An economic system that has features of both market and command economies.
Mixed Economy?
if Canada can produce 100 pounds of beef using two ranchers, while Argentina needs three ranchers to produce 100 pounds of beef.
Who has the absolute advantage?
Canada?
Scottish economist who wrote the Wealth of Nations a precursor to modern Capitalism. Father of Economics
Who is Adam Smith?
The type of Economy the U.S. has
Mixed Economy?