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Econ vocab

Operation Cost The value of the next highest value alternative of a resource
Scarcity The condition that results because people have limited resources, but unlimited want
Incentive Any factor that encourages or motivates someone to do something
Monetary Anything pertaining with money
Non-Monetary Anything not pertaining with money
Microeconomics Examines behavior and decisions of individual firms
Macroeconomics Focuses on the whole national economy or the whole world’s economy
Gains from Trade Improvements in income, production, owing to the exchanges of goods and services
Specialization A method of production where a business or area focuses on the production of a limited scope of products or services in order to gain greater degrees of productive efficiency within the entire system of businesses or areas.
Division of Labor Dividing a job into many specialized parts, with a single worker or a few workers assigned to each par
Comparative Advantage When one person or group can produce one good at a lower opportunity cost than another person or group
Utility Satisfaction or improvement gained from consumption of a product
Law of Diminishing Utility The more consumption of a product, the less you want it
Production Function The resources, labor and capital needed used to create a product.
Opportunity Cost The cost of an alternative that must be forgone in order to pursue a certain action. Put another way, the benefits you could have received by taking an alternative action.
Created by: bryan012913



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