ADM 1100 Lecture Notes - Lecture 6: Comparative Advantage, Absolute Advantage, Gross Domestic Product

• School: University of Ottawa
• Department: Administration
• Course: ADM 1100
• Professor: Patrick Woodcock

Document Summary

Macro economic: factors to understand economic conditions, government in uence-managing the economy, inter. Examples: government national & provincial policies, international trade policy. Capitalism: the private enterprise system and competition ( businesses meet needs and demands of consumers) Planned economics: socialism ( an economic system where the government owns and operates the major industries,) and. Communism ( government owns all means of ) Mixed market economies( an economic system that draws from both private enterprise economics and planned economics, to different degrees, the mixture of public and private enterprise can vary widely from country to country, privatization: the conversion of governments) An economic system should provide a stable business environment and sustained growth. Happiness, productivity and the nation"s gross domestic product. Gdp: the sum of all goods ans services produced within a country during a speci c time period. Productivity: the relationship between the number of units products and the number of human and other production inout needed to produce them.