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Micro - Ch. 1

Microeconomics - Ch. 1 - Welcome to Economics!

TermDefinition
circular flow diagram a diagram that views the economy as consisting of households a firms interacting in a goods and services market and a labor market
command economy an economy where economic decisions are passed down from government authority and where resources are owned by the government
division of labor the way in which the work required to produce a good or service is divided into tasks performed by different workers
economics the study of how humans make choices under conditions of scarcity
economies of scale when the average cost of producing each individual unit declines as total output increases
exports products (goods and services) made domestically and sold abroad
fiscal policy economic policies that involve government spending and taxes
globalization the trend in which buying and selling in markets have increasingly crossed national borers
goods and services market a market in which firms are sellers of what they produce and households are buyers
gross domestic product (GDP) measure of the size of total prodution in an economy
imports products (goods and services) made abroad and then sold domestically
labor market the market in which households sell their labor as workers to business firms or other employers
macroeconomics the branch of economics that focuses of broad issues such as growth, unemployment, inflation, and trade balance
market interaction between potential buyers and sellers; a combination of demand and supply
market economy an economy where economic decisions are decentralized, resources are owned by private individuals, and businesses supply goods and services based on demand
microeconomics the branch of economics that focuses of actions of particular agents within the economy, like households, workers, business firms
model or theory a representation of an object or situation that is simplifies wile including enough of the key features to help us understand the object or situation
monetary policy policy that involves altering the level of interest rates, the availability of credit in the economy, and the extent of borrowing
private enterprise system where the means of production (resources and businesses) are owned and operated by private individuals or groups of private individuals
scarcity when human wants for goods and services exceed the available supply
specializaion when workers or firms focus on particular tasks for which they are well-suited within the overall production process
traditional economy typically and agricultural economy where things are done the same as they have always been done
underground economy a market where the buyers and sellers make transactions in violation of one or more government regulations ex - the black market
1) it allows the agents to focus on areas of individuals and firms to specialize and to produce more for several reasons 2) it encourages the agents to learn and invent 3) it allows agents to take advantage of economies of scale what does the division of labor do
Created by: Kendall Posey
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