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Economics: Unit 1

TermDefinition
Opportunity Cost What you are giving up by choosing something else.
Scarcity There is only so much of everything.
Incentive Your motivation.
Monetary Things Things that can be bought with money; things that have financial value (ex: house, car, ring, stocks).
Non-monetary Things Things that cannot be bought with money; things that don't have financial or materialistic value (ex: friends, family, time).
The Mantra of Economics People make choices with scarce resources and they interact with others when they make these choices.
Macroeconomics Focuses on the whole national economy or even the whole world economy. This examines the whole workings and problems of the whole economy, looking at features such as GDP Growth and unemployment.
Microeconomics Examines the behavior and decisions of individual firms and households and the way they interact in specific industries and markets.
Gains from Trade 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.
Created by: diviana_2020
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