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Economics vocab.

TermDefinition
Incentive Any factor that encourages or motivates someone to do something.
Scarcity The condition that results because people have limited resources but unlimited wants.
The mantra of economics People make choices with scarce resources, and they interact with others when they make these choices.
Microeconomics Examines the behavior and decisions of individual firms and households and the way they interact in specific industries and markets.
Macroeconomics Focuses on the whole national economics or even the whole world economy. The workings and problems of the whole economy.
Specialization occurs when people or countries can concentrate on the items that can be produced most efficiently. Ex: Canada and maple syrup.
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.
Opportunity cost The value the next highest value alternative of the resource
The law of diminishing utility When the quantity of something consumed goes up, the utility or satisfaction goes down.
Utility Satisfaction or improvement.
Gains from trade Improvements in income, production, or satisfaction owing to the exchange of goods or services.
Created by: meow meow
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