TERMIUM Plus^®

Fiche 1,  Justifications,  Anglais

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The classical mechanism of Hume depended primarily on relative prices. It seems to have assumed, essentially, that employment is always full : that in the long run, trade simply moved a society from one point on its domestic production-possibility frontier to another; that foreign trade never moved society inside its [production-possibility] frontier or pushed it outward toward that frontier from an initial underemployment equilibrium.  3, fiche 1, Anglais, - price%2Dspecie%20flow%20mechanism

Fiche 1,  Justifications,  Français

Record number: 1, Textual support number: 1 CONT

Le mécanisme automatique d'ajustement de la balance des paiements qui opérait est connu sous le nom de mécanisme de Hume. Un pays qui enregistre un déficit commercial va perdre de l'or au bénéfice de ses partenaires commerciaux, ce qui contracte son offre de monnaie et gonfle celle du reste du monde, hausse le taux d'intérêt national et favorise en retour un afflux de capitaux étrangers.  3, fiche 1, Français, - m%C3%A9canisme%20de%20Hume

Fiche 1,  Justifications,  Espagnol

Fiche 2,  Justifications,  Anglais

Record number: 2, Textual support number: 1 OBS

With given resources and technology, the production choices open to a nation between two such goods as butter and guns can be summarized in the production-possibility frontier. This indicates the way in which one good can be transformed into another by transferring resources from its production to that of the other.  1, fiche 2, Anglais, - production%2Dpossibility%20frontier

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Fiche 3,  Justifications,  Anglais

Record number: 3, Textual support number: 1 OBS

War meant scarcity not superabundance. So again the world turned Euclidean. Mercantilistic notions, that it is good to give away goods abroad in return for as few imports as possible, went into discard. The emphasis again was on extending production-possibility frontier outward and on making sure to be on those frontiers, and not inside.  1, fiche 3, Anglais, - mercantilistic%20notion

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Fiche 4,  Justifications,  Anglais

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(...) positive interest is caused by two factors :(1) a vertical bias of the AB production-possibility frontier between present and future consumption goods, and(2) a general vertical bias of the typical consumer's indifference contours between present and future consumption goods.  1, fiche 4, Anglais, - positive%20interest

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Fiche 5,  Justifications,  Anglais

Record number: 5, Textual support number: 1 OBS

If the [production-possibility] frontier were a straight line, the relative costs of getting some extra guns in terms of sacrificed butter would always be the same. Economists call this a case of "constant(relative) costs".  1, fiche 5, Anglais, - constant%20relative%20cost

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Fiche 6,  Justifications,  Anglais

Record number: 6, Textual support number: 1 OBS

Inefficiency was putting the world and each nation well inside its production-possibility frontier. But since contractionary monetary and fiscal policies were being urged as the only penance for the sinful practices followed during the prosperity, destruction of goods seemed the order of the day.  1, fiche 6, Anglais, - contractionary%20monetary%20policy

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Fiche 7,  Justifications,  Anglais

Record number: 7, Textual support number: 1 CONT

The "law of increasing(relative) costs" prevails when in order to get equal extra amounts of one good, society must sacrifice ever-increasing amounts of the other good. A boned-out or concave curvature of the production-possibility frontier depicts the law of increasing(relative) costs-as shown by the fact that when we want more farm goods(butter), their(relative) cost in terms of sacrificed Manufactures(guns) rises.  1, fiche 7, Anglais, - relative%20cost

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Fiche 8,  Justifications,  Anglais

Record number: 8, Textual support number: 1 OBS

The above picture of competition tending toward ideal efficiency, toward being on the production-possibility frontier and not inside it, is a highly oversimplified one.  1, fiche 8, Anglais, - ideal%20efficiency

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Fiche 9,  Justifications,  Anglais

Record number: 9, Textual support number: 1 OBS

(In terms of the production-possibility frontier of Fig. 2-4(...) society is pushed inside the producible frontier by the inefficient methods of Q restriction.)  1, fiche 9, Anglais, - producible%20frontier

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