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MILESTONE REVIEW

Fundamental Economic Concepts

TermDefinition
Human Capital The knowledge, skill and experience of a labor force
Voluntary Exchange The act of buyers and sellers freely and willingly engaging in market transactions.
Opportunity Cost The value of the next best alternative given up for the chosen activity.
Specialization When an individual focuses on one specific task.
Allocate To distribute/give out/to assign
Regulation A rule or directive made and maintained by an authority
Unattainable Not able to be reached or achieved
Positive Incentive Something that motivates or encourages someone to do something.
Marginal Benefit The additional benefit arising from a unit increase in a particular activity.
Inefficient Not achieving maximum productivity; wasting or failing to make the best use of time or resources.
Entrepreneur A risk taker who wants to seek profit motive, create jobs, improve society or become innovative.
Production Possibilities A curve depicting all maximum output possibilities for two goods, given a set of inputs consisting of resources and other factors.
Division of Labor The assignment of different parts of a manufacturing process or task to different people in order to improve efficiency.
Command An economy in which production, investment, prices, and incomes are determined centrally by a government.
Public goods and services Provided by the government and supported with tax dollars. (Military, schools, roads, etc.)
Three basic economic questions What to produce? How to produce? For whom to produce?
Deregulation The reduction or elimination of government power in a particular industry, usually enacted to create more competition within the industry.
Created by: lbarwick
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