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Economics
| Term | Definition |
|---|---|
| Opportunity Costs | 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 |
| 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 economy or whole world economy. examines whole work of economy, looking at GDP growth and unemployment |
| Gains From Trade | improvements in income, production, or satisfaction owing to exchange of goods or services |
| Specialization | when people or countries can focus on the items that can be produced 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 lower opportunity cost than another person of group |
| Law of Diminishing Utility | When the quantity of something goes up the utility goes down |
| Utility | Satisfaction or improvement |
Created by:
isaacmortiz
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