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Harrison vocab
| Term | Definition |
|---|---|
| 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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