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Because of increasing marginal cost, most supply curves
Capitalism
An economic system characterized by private or corporate ownership of capital goods, investments determined by private decision, and prices, production, and distribution of goods determined mainly by competition in a free market.
George Ritzer
An American sociologist known for his work on consumerism, globalization, and the concept of "McDonaldization," which describes the process by which principles of the fast-food industry dominate sectors of society.
Prosumer
A portmanteau of producer and consumer, indicating individuals who produce some of the goods and services entering their consumption.
Consumer
An individual who purchases goods and services for personal use from the available offerings in the market.
Q1: Suppose that real GDP equals potential GDP,
Q11: Consider the following statement: "When the conditions
Q18: Explain why we can or cannot generalize
Q30: If a tax cut increases people's labour
Q33: The supply- side effects of a cut
Q38: Which of the following is not necessarily
Q45: Uncertainty about monetary policy<br>A)can keep investment low.<br>B)is
Q47: In the above figure, the economy is
Q53: The supply-side effects of a change in
Q129: Aggregate expenditure equals<br>A)C + I + G.<br>B)C