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Microecon

Chapter 1 vocab

TermDefinition
Interaction (of choices) how my choices affect your choices; a feature of most economic situations
Trade to provide goods and services to others and receive goods and services in return
Gains from trade people can get more of what they want through trade than they could if they tried to be self-sufficient
Specialization each person specializes in the task that he or she is good at performing
Equilibrium economic situation in which no individual would be better off doing something different
Efficient an economy is this if it takes all opportunities to make some people better off without making other people worse off
Equity everyone gets his or her fair share
Created by: David55900
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