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Harrison vocab

TermDefinition
Opportunity cost The value of the next highest valued alternative of a resource
Scarcity The condition that results because people have limited resources but unlimited wants
Incentive Any factor that encourages or motivates a person to do something
Monetary Anything pertaining to money
Nonmonetary Anything not doing with money
Unanswerable question A question that has no answer, though the only real answer is i don't know
Prediction market A speculate market created for the purpose of making predictions
Averted Turn away; prevent or ward off
Macroeconomics The part of economics concerned with large-scaled or general economic factors, such as interest rated and national productivity
Microeconomics The part of economics concerned with the single factors and the effects of individual decisions
Mantra of econ People make choices with scarce resources and they interact with other to make these choices
Gains from trade Improvement in income, productions, or satisfaction owing to the exchange of good or service
Specialization Occurs when people or countries focus on items that can be produced more efficiently
Division of labor Allows individuals to perform tasks they do best
Specialization + Division of labor When one person or group can produce one good at a lower opportunity cost than another person or group
Utility The level of satisfaction or improvement gained by the consumption of a product or service
The law of diminishing utility The more you have of something the less utility you get out of it
Production function Is one of the key concepts of mainstream neoclassical theories, used to define marginal product and to distinguish allocation efficiency, the defining focus of economics.
Comparative advantage the ability of an individual or group to carry out a particular economic activity more efficiently than another activity.
Credit The opportunity to borrow money or receive goods or services in return for a promise to pay later
Credit score A single number that is assigned to a person used by the leaders to predict the risk that borrowers will not repay.
Ethical Of relating to moral principals. Do what you think is right or wrong
Capitalized interest Same as compound interest
Compound interest Interest added to the principal of a deposit or loan so the added interest also earns interest from then on.
Interest Money paid regularly at a particular rate for the use of money lent, or for delaying the repayment of a debt
Appreciatoin An increase in the value of an asset over time. The increase can occur for a number of reasons including increased demand or weakening supply, or as a result of changes in inflation or interest rates. This is the opposite of depreciation.
Depreciation To diminish in value over a period of time
Amortization The paying off of a debt with a fixed repayment schedule in regular installments over a period of time. Consumers are most likely to encounter amortization with a mortgage or car loan.
Interest rate The price paid for using someone else's money, expressed as a percent of the amount borrowed
Simple interest Interest paid on the principal of a loan
Created by: L3o
 

 



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