Harrison vocab
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each of the black spaces below before clicking
on it to display the answer.
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| Opportunity cost | The value of the next highest valued alternative of a resource
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| Scarcity | The condition that results because people have limited resources but unlimited wants
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| Incentive | Any factor that encourages or motivates a person to do something
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| Monetary | Anything pertaining to money
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| Nonmonetary | Anything not doing with money
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| Unanswerable question | A question that has no answer, though the only real answer is i don't know
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| Prediction market | A speculate market created for the purpose of making predictions
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| Averted | Turn away; prevent or ward off
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| Macroeconomics | The part of economics concerned with large-scaled or general economic factors, such as interest rated and national productivity
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| Microeconomics | The part of economics concerned with the single factors and the effects of individual decisions
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| Mantra of econ | People make choices with scarce resources and they interact with other to make these choices
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| Gains from trade | Improvement in income, productions, or satisfaction owing to the exchange of good or service
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| Specialization | Occurs when people or countries focus on items that can be produced more efficiently
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| Division of labor | Allows individuals to perform tasks they do best
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| Specialization + Division of labor | When one person or group can produce one good at a lower opportunity cost than another person or group
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| Utility | The level of satisfaction or improvement gained by the consumption of a product or service
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| The law of diminishing utility | The more you have of something the less utility you get out of it
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| Production function | Is one of the key concepts of mainstream neoclassical theories, used to define marginal product and to distinguish allocation efficiency, the defining focus of economics.
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| Comparative advantage | the ability of an individual or group to carry out a particular economic activity more efficiently than another activity.
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| Credit | The opportunity to borrow money or receive goods or services in return for a promise to pay later
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| Credit score | A single number that is assigned to a person used by the leaders to predict the risk that borrowers will not repay.
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| Ethical | Of relating to moral principals. Do what you think is right or wrong
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| Capitalized interest | Same as compound interest
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| Compound interest | Interest added to the principal of a deposit or loan so the added interest also earns interest from then on.
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| Interest | Money paid regularly at a particular rate for the use of money lent, or for delaying the repayment of a debt
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| Appreciatoin | An increase in the value of an asset over time. The increase can occur for a number of reasons including increased demand or weakening supply, or as a result of changes in inflation or interest rates. This is the opposite of depreciation.
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| Depreciation | To diminish in value over a period of time
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| Amortization | The paying off of a debt with a fixed repayment schedule in regular installments over a period of time. Consumers are most likely to encounter amortization with a mortgage or car loan.
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| Interest rate | The price paid for using someone else's money, expressed as a percent of the amount borrowed
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| Simple interest | Interest paid on the principal of a loan
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