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Classical macroeconomic theory

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What are the terms that are essential for understanding basic macroeconomics?

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Solution Summary

The solutions clearly and concisely defines the various terms associated with basic macroeconomics. One-two line definitions are provided for each of the terms. Some of the terms that are defined in the solution include factor prices, marginal propensity, export, income, consumption etc. This is an excellent response for a student who wishes to learn the basics of macroeconomics and understand some basic terms. However, it is not a detailed response. Overall, it is a good response which is brief and to the point.

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Capital: the stock of equipment used in production.

Competition: the state in which there are enough participants in a market such that the actions of any one individual do not influence market prices.

Consumption: goods and services consumed by consumers.

Disposable income: the income that remains after paying taxes.

Exports: Goods or services sold to other countries.

Factors of production: the ...

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