Economics vocab.
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| Incentive | show 🗑
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| show | The condition that results because people have limited resources but unlimited wants.
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| The mantra of economics | show 🗑
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| Microeconomics | show 🗑
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| Macroeconomics | show 🗑
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| Specialization | show 🗑
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| show | allows individuals to perform the tasks they do best.
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| show | when one person or group can produce one good at a lower opportunity cost than another person or group.
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| show | The value the next highest value alternative of the resource
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| show | When the quantity of something consumed goes up, the utility or satisfaction goes down.
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| show | Satisfaction or improvement.
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| show | Improvements in income, production, or satisfaction owing to the exchange of goods or services.
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