Examlex
What are the categories of expenditure used in the expenditure approach to measuring GDP?
Invisible Hand
A term coined by economist Adam Smith to describe the self-regulating nature of the marketplace, where individual self-interests unintentionally benefit society at large.
Economist
A professional who studies the production, distribution, and consumption of goods and services, focusing on how economic agents behave and interact.
Government Intervention
Government intervention involves actions taken by a government to affect the economy, which can include regulations, subsidies, tariffs, and monetary policies.
Externality
A consequence of an economic activity that is experienced by unrelated third parties; it can be either positive or negative.
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