BUS 200 Study Guide - Final Guide: Joseph Schumpeter, Entropy, Collectivism
14 Dec 2020
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Chapter 4 (115-121, 132-151, 148-149, 153-154 skim 121-132) Microeconomics: study of economic activity at the level of individuals and firms. Gross domestic product (gdp): measures the value of a nation"s economic output (gdp. = c + g + i + nx) Issues with gdp growing economy does not necessarily lead to overall improvement in well-being of country. Gross national income (gni): total income from all the final products and services produced by a national economy, including income that national residents earn from overseas investments, in a given year (broadest measure of a nation"s economy) Inequality: refers to the difference in wealth or income between the richest and the poorest in society: difficult to define precisely and difficult to measure. National economic systems: planned economy, state control, collectivist ideology, examples north korea (highly authoritarian); cuba (some liberalization, liberal market economy. Sources of authority: traditional monarchy: royal lineage is the legitimating principle (ex- saudi.
