GLOSSARY
Absolute advantage The ability of a country to produce a product more efficiently than another.
Aggregate The total amount; for instance, aggregate demand is the total demand for goods and services in an economy.
Asymmetric information An imbalance of information; for instance, buyers and sellers may have more or less information about the product than each other.
Austrian School A school of economics founded by Carl Menger in the late 19th century. It attributes all economic activity to the actions and free choice of individuals and opposes all forms of government intervention in an economy.
Balance of trade The difference in value of a country’s imports and exports over a given time period.
Bankruptcy A legal declaration that an individual ...
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