Economics Concepts Flashcards

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What is a paradox?

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A paradox is an apparently self-contradictory statement, whose underlying meaning is revealed only through careful analysis. The purpose of a paradox is to capture attention and stimulate new thinking.

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Give an example of a paradox.

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Higher labor costs are positively correlated with export success, known as the 'Kaldor paradox.' This suggests that increased labor costs can lead to higher productivity and innovation, ultimately boosting a country’s export performance.

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What is the economic definition?

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Economic is a social science that studies the production, distribution, and consumption of goods and services.

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What is the management definition?

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The organizational process that includes strategic planning, setting objectives, managing resources, deploying the human and financial assets needed to achieve objectives, and measuring results.

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What is the difference between micro and macro economics?

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Microeconomics studies individual agents and markets, while macroeconomics looks at the economy as a whole.

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What is meso-economics?

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Meso-economics studies the institutional aspects of the economy that are not captured by micro or macroeconomics.

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What is meta-economics?

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Meta-economics studies deeper functional aspects of the economy, understood as a complex, interactive, and holistic living system.

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What is an economic agent?

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An economic agent is any individual, organization, or institution that makes decisions within an economic model.

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What roles can economic agents assume?

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Economic agents can act as consumers, producers, governments, and central banks, facing different challenges related to resource allocation.

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What is economic growth?

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Economic growth is an increase in the capacity of an economy to produce goods and services, compared from one period of time to another.