Economics Vocab
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| Opportunity Cost | What you are giving up by choosing something else.
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| Scarcity | There is only so much of everything.
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| Incentive | Your motivation.
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| The Mantra of Economics | People make choices with scarce resources, and they interact with others when they make these choices.
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| Microeconomics | Examines the behavior and decisions of individual firms and households and the way they interact in specific industries and markets.
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| Macroeconomics | Focuses on the whole national economy or even the whole world economy. This examines the workings and problems of the whole economy, looking at features such as GDP growth and unemployment.
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| Monatary | Of or relating to money or currency.
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| Non-Monatary | Not relating to money or currency.
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| Gains From Trade | Improvements in income, production, or satisfaction owning the exchange of goods or services.
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| Specialization | Occurs when people or countries can concentrate on the items that can be produced most efficiently.
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| Division of Labor | Allows individuals to perform the task they do best.
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| Comparative Advantage | When one person or group can produce one good at a lower opportunity cost then another person or group.
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Or sort by any of the columns using the down arrow next to any column heading.
If you know all the data on any row, you can temporarily remove it by tapping the trash can to the right of the row.
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