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Econ

WordDefinition
OPPORTUNITY COST what you are giving up by doing something else
SCARCIDY on so much of something
INCENTIVE your motivation to do something
MICROECONOMICS the economics of a small entity such as the one in a house
MACROECONOMICS the economics of a big place like the nation or world
GAINS FROM TRADE benefits from allowing an increase in voluntary trading with each other
SPECIALIZATION when people or countrys can concentrate on items it can preduces most efficieantly
DIVISION OF LABOR the assignment of different parts of a manufacturing process or task to different people in order to improve efficiency.
Created by: alexisfernandez
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