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Econ vocab
| Term | Definition |
|---|---|
| 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. |
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bryan012913
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