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Econ Vocab

vocabulary for economy class

TermDefinition
microeconomics people who examine behaviors in firms and households the way they want them to work
macroeconomics focuses on whole national econ or world economy. Examines workings/problems of whole econ with unemployment, GDP growth, etc...
gains from trade improvements in satisfaction or income owing to exchange of goods or services
specialization when people or countries can focus on making one thing really well/efficiently
division of labor allows individuals to perform tasks they do best
comparative advantage when one person or group can do something more efficiently than the other
scarcity a condition that results because people have limited resources
opportunity cost value of the next highest valued alternative of a resource
monetary anything pertaining to money
nonmonetary anything not pertaining to money
law of diminishing utility when there is too much of anything
utility the amount of a certain thing
production function the inputs (labor, capital, resources) to create an output
incentive the motivating factor of of people
Created by: wolfinsheepskin
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