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EC121 Terms - Unit 1

EC121 Terms to study for success within our 1st unit

circular-flow diagram a diagram that views the economy as consisting of households and firms interacting in a goods and services market and a labor market
economics the study of how humans make choices under conditions of scarcity
macroeconomics the branch of economics that focuses on broad issues such as growth, unemployment, inflation, and trade balance.
microeconomics the branch of economics that focuses on actions of particular agents within the economy, like households, workers, and business firms
scarcity when human wants for goods and services exceed the available supply
specialization when workers or firms focus on particular tasks for which they are well-suited within the overall production process
division of labor the way in which the work required to produce a good or service is divided into tasks performed by different workers
marginal analysis examination of decisions on the margin, meaning a little more or a little less from the status quo
comparative advantage when a country can produce a good at a lower cost in terms of other goods; or, when a country has a lower opportunity cost of production
absolute advantage when one country can use fewer resources to produce a good compared to another country; when a country is more productive compared to another country
utility satisfaction, usefulness, or value one obtains from consuming goods and services
invisible hand idea that self-interested behavior by individuals can lead to positive social outcomes
Created by: JNHerzing