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Economics Vocab S1

Scarce Resources not available in sufficient quantities to satisfy all the various ways a society wants to use it
Opportunity cost Real cost of an item that describes what you must give up in order to get it
Microeconomics The study of how people make decisions and how those decisions interact
Macroeconomics Concerned with the overall ups and down in the economy
Economic aggregates Economic measures that summarize data across many different markets
Positive economics The branch of economic analysis that describes the way the economy actually works
Normative economics makes prescriptions about the way the economy should work
Business cycle The short-run alternative between economic downturns, known as recessions, and economic upturns, known as expansions
Depression Very deep and prolonged downturn
Recessions Periods of economic downturns when output and employment are falling
Expansions Also known as recoveries, periods of economic upturns when output and employment are rising
Employment The number of people currently employed in the economy
Unemployment The number of people who are actively looking for work but aren’t employed
Labor Force Equal to the sum of employment and unemployment
Unemployment rate The percentage of the labor force that is unemployed
Output The quantity of goods and services produced
Aggregate output The economy’s total production of goods and services for a given time period
Inflation Rising overall price level
Deflation Falling overall price level
Price Stability When the aggregate price level is changing only slowly
Economic Growth An increase in the maximum amount of goods and services an economy can produce
Model Simplified representation used to better understand a real-life situation
Other things equal (ceteris paribus) assumptions Means that all other relevant factors remain unchanged
Trade-off When you give up something in order to have something else
Production possibilities curve Illustrates the trade-offs facing an economy that produces only two goods. Its shows the maximum quantity of one good that can be produced for each possible quantity of the other good produced
Efficient An economy in which there is no way to make anyone better off without making at least one person worse off
Technology technical means for producing goods and services
Trade 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, increases output
Comparative advantage When the opportunity cost of producing the good or service is lower for that individual than for other people
Absolute advantage Producing more of a good or service with a given amount of time and resources. Not the same as comparative
Created by: 1447301232



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