by TheBusinessProfessor | Feb 23, 2025 | Economic Analysis & Monetary Policy
What is a National Interest Argument? Some argue that a nation should not depend too heavily on other countries for supplies of certain key products, such as oil, or for special materials or technologies that might have national security applications. On closer...
by TheBusinessProfessor | Feb 23, 2025 | Economic Analysis & Monetary Policy
What is Standard of Living? Standard of living concerns the degree of wealth and material comfort available to a person or community.
by TheBusinessProfessor | Feb 23, 2025 | Economic Analysis & Monetary Policy
What is Economic Convergence? Convergence occurs when a country with smaller GDP grows (economically) faster than those of high-income countries. Since economic growth in these countries has exceeded the average of the world’s high-income economies, these countries...
by TheBusinessProfessor | Feb 23, 2025 | Economic Analysis & Monetary Policy
What is Growth Consensus? A growth consensus is a prediction about the future GDP growth calculated by combining several separate growth forecasts.
by TheBusinessProfessor | Feb 23, 2025 | Economic Analysis & Monetary Policy
What is a Level of Trade? A nation’s level of trade may at first sound like much the same issue as the balance of trade, but these two are actually quite separate. It is perfectly possible for a country to have a very high level of trade—measured by its exports of...
by TheBusinessProfessor | Feb 23, 2025 | Economic Analysis & Monetary Policy
What is Intra-Industry Trade? Comparative advantage, however, at least at first glance, does not seem especially well-suited to explain other common patterns of international trade. The theory of comparative advantage suggests that trade should happen between...
