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ECON WIT HARRIS

TermDefinition
Opportunity Cost the value of the next highest valued alternative use of the resource
Incentive any factor that encourages or motivates a person to do something
Scarcity the condition that results because people have limited resources but unlimited wants
Microeconomics examines the behavior and decisions of individual firms and households and the way they interact in specific industries and markets
Macroeconomics (whole national economy or world economy) examines the workings and problems of the whole economy, looking at features such as GDP growth and unemployment
Gain from Trade are the improvements in income, production, or satisfaction owing to the exchange of goods or services
Specialization occurs when people or countries can concentrate on the items that can be produced most efficiently
Division of Labor allows individuals to perform the tasks they do best
Comparative Advantage when one person or group can produce one good at a lower opportunity cost than another person or group
appreciation An increase in the value of an asset over time
depreciation Opposite of appreciation, which is to diminish in value over a period of time
Amortization the paying off of debt with a fixed repayment schedule in regular installments over a period of time
Capitalized Interest unpaid interest that has been added to the outstanding principal balance of a loan
Deferment allows you to temporarily stop making payments on your federal student loans
Credit the opportunity to borrow money or receive goods or services in return for a promise to pay later
Credit Score a single number assigned to a person used by lenders to predict the risk that borrower will not repay
Interest Rate the price paid for using someone elses money, expressed as a % of the amount borrowed
Principal an original amount of money invested or lent
Simple Interest interest paid only on the principal of a loan
Compound Interest interest paid on the principal of a loan and the interest owed
Created by: cristinuuuhhh
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