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ABSOLUTE ADVANTAGE: The general ability to produced more goods using fewer resources. This idea of absolute advantage is important for trading that occurs between both people and nations. A nation can get an absolute advantage from an advanced level of technology or higher quality resources. For a person, an absolute advantage can result from natural abilities or the acquisition of human capital (education, training, or experience).

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MACROECONOMIC THEORIES: Scientific theories that seek to explain phenomena associated with the macroeconomy. The primary phenomena investigated are unemployment, inflation, and the level of aggregate production. Macroeconomic theories also inevitably provide policy recommendations intended to improve the performance of the economy and to correct macroeconomic problems. A few of the more noted macroeconomic theories are: Classical economics, Keynesian economics, aggregate market (AS-AD) analysis, IS-LM analysis, Monetarism, and New Classical economics.

     See also | macroeconomic problems | unemployment | inflation | theory | verification | economic science | macroeconomy | gross domestic product | unemployment | inflation | interest rate | consumption expenditures | price level | investment expenditures | saving | taxes | Adam Smith | flexible prices | market equilibrium | full employment | production | aggregate demand | Classical economics | Keynesian economics | John Maynard Keynes | stagflation | financial market | product market | money | scientific method | economic analysis | political views | conservative | liberal | circular flow | macroeconomic sectors | macroeconomic markets | product markets | financial markets | business cycles | stabilization policies | Nobel Prize in Economic Sciences | conservative | liberal |


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GOVERNMENT PURCHASES LINE

A graphical depiction of the relation between government purchases by the government sector and the economy's aggregate level of income or production. This relation plays a key role in the study of Keynesian economics. A government purchases line is characterized by vertical intercept, which indicates autonomous government purchases, and slope, which is the marginal propensity for government purchases and indicates induced government purchases. The aggregate expenditures line used in Keynesian economics is derived by adding or stacking the government purchases line onto the consumption line, as well as investment expenditures and net exports.

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Today, you are likely to spend a great deal of time at a dollar discount store seeking to buy either a green and yellow striped sweater vest or a Boston Red Sox baseball cap. Be on the lookout for slow moving vehicles with darkened windows.
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The first paper notes printed in the United States were in denominations of 1 cent, 5 cents, 25 cents, and 50 cents.
"An organization's ability to learn, and translate that learning into action rapidly, is the ultimate competitive business advantage. "

-- Jack Welch, General Electric chief executive

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