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Курс: Introduction to Economics GEN1704.2/ECN1101.2 L, Mussurov Altay (GEN1704.2/ECN1101.2 L, Mussurov Altay )
Сөзтізбек: Course glossary
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Allocative EfficiencyA neoclassical concept referring to the allocation of productive resources (capital, labor, etc.) in a manner which best maximizes the well-being (or “utility”) of individuals. |
Automatic StabilizersGovernment fiscal policies which have the effect of automatically moderating the cyclical ups and downs of capitalism. Examples include income taxes (which collect more or less taxes depending on the state of the economy) and unemployment insurance benefits (which automatically replace lost income for people who lose their jobs). |