Economics vocab.
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| Incentive | Any factor that encourages or motivates someone to do something.
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| Scarcity | The condition that results because people have limited resources but unlimited wants.
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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 economics or even the whole world economy. The workings and problems of the whole economy.
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| Specialization | occurs when people or countries can concentrate on the items that can be produced most efficiently. Ex: Canada and maple syrup.
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| Division of labor | allows individuals to perform the tasks they do best.
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| Comparative Advantage | when one person or group can produce one good at a lower opportunity cost than another person or group.
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| Opportunity cost | The value the next highest value alternative of the resource
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| The law of diminishing utility | When the quantity of something consumed goes up, the utility or satisfaction goes down.
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| Utility | Satisfaction or improvement.
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| Gains from trade | Improvements in income, production, or satisfaction owing to the exchange of goods or services.
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