Examlex
Why is it customary to report price elasticity of demand in absolute value terms while cross elasticities and income elasticities are reported with their sign attached?
Equilibrium GDP
is the level of Gross Domestic Product where aggregate supply equals aggregate demand in an economy.
Aggregate Supply Curve
The relationship between the total quantity of goods and services that firms are willing to produce and sell at different price levels in an economy.
Laissez-Faire Capitalism
An economic system where private parties are free to engage in economic activities with minimal government intervention.
Classical System
The classical system in economics refers to a school of thought that emphasizes free markets, competition, and the self-regulating nature of economies.
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