Examlex
There is no trade-off between efficiency and equality.
Economic Units
Entities such as individuals, households, and firms that make decisions about the allocation of resources and the consumption of goods and services.
Economic System
The organized way a society allocates its resources and apportions goods and services in the national community.
Normative Economics
The branch of economics that applies value judgments to data to recommend actions or policies, focusing on what ought to be rather than what is.
Macroeconomics
The branch of economics that examines the economy as a whole, including issues like inflation, unemployment, and economic growth.
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