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ECON WIT HARRIS
| Term | Definition |
|---|---|
| Opportunity Cost | the value of the next highest valued alternative use of the resource |
| Incentive | any factor that encourages or motivates a person to do something |
| Scarcity | the condition that results because people have limited resources but unlimited wants |
| Microeconomics | examines the behavior and decisions of individual firms and households and the way they interact in specific industries and markets |
| Macroeconomics | (whole national economy or world economy) examines the workings and problems of the whole economy, looking at features such as GDP growth and unemployment |
| Gain from Trade | are the improvements in income, production, or satisfaction owing to the exchange of goods or services |
| Specialization | occurs when people or countries can concentrate on the items that can be produced most efficiently |
| Division of Labor | allows individuals to perform the tasks they do best |
| Comparative Advantage | when one person or group can produce one good at a lower opportunity cost than another person or group |
| appreciation | An increase in the value of an asset over time |
| depreciation | Opposite of appreciation, which is to diminish in value over a period of time |
| Amortization | the paying off of debt with a fixed repayment schedule in regular installments over a period of time |
| Capitalized Interest | unpaid interest that has been added to the outstanding principal balance of a loan |
| Deferment | allows you to temporarily stop making payments on your federal student loans |
| Credit | the opportunity to borrow money or receive goods or services in return for a promise to pay later |
| Credit Score | a single number assigned to a person used by lenders to predict the risk that borrower will not repay |
| Interest Rate | the price paid for using someone elses money, expressed as a % of the amount borrowed |
| Principal | an original amount of money invested or lent |
| Simple Interest | interest paid only on the principal of a loan |
| Compound Interest | interest paid on the principal of a loan and the interest owed |
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