1. In what year did the OEEC publish the first international System of National Accounts?
2. What is the labor theory of value?
3. When was the European System of Accounts first adopted?
Economic system — definition?
Structure that defines how an economy operates.
Economic activity — role?
Measures production, income, consumption, investment, wealth.
Wealth origin — key question?
How a nation’s wealth is created and increased.
Quesnay's Tableau — significance?
First systematic model of wealth circulation in a nation.
Classical school — main focus?
Labor theory of value and production.
Neoclassical school — difference?
Value based on utility and market efficiency.
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